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    FABM 2 M2 Activity 2 My Ans

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    Leny Glyn B. Cabrera
    The document appears to be a summary of Module 2, Activity 2 from a course on financial accounting. It includes the learner's answers to 3 problems related to calculating net income and expenses. It also includes the learner's responses to 2 reflective questions about how they find the activities and what is the difference between revenue and income.

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    FABM 2 M2 Activity 2 My Ans

    Uploaded by

    Leny Glyn B. Cabrera
    1K views3 pages
    The document appears to be a summary of Module 2, Activity 2 from a course on financial accounting. It includes the learner's answers to 3 problems related to calculating net income and expenses. It also includes the learner's responses to 2 reflective questions about how they find the activities and what is the difference between revenue and income.

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    The document appears to be a summary of Module 2, Activity 2 from a course on financial accounting. It includes the learner's answers to 3 problems related to calculating net income and expenses. It also includes the learner's responses to 2 reflective questions about how they find the activities and what is the difference between revenue and income.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    1K views3 pages

    FABM 2 M2 Activity 2 My Ans

    Uploaded by

    Leny Glyn B. Cabrera
    The document appears to be a summary of Module 2, Activity 2 from a course on financial accounting. It includes the learner's answers to 3 problems related to calculating net income and expenses. It also includes the learner's responses to 2 reflective questions about how they find the activities and what is the difference between revenue and income.

    Copyright:

    © All Rights Reserved
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    You are on page 1of 3

    FABM 2

    Quarter 1- Module 2
    Activity 2

    My answers:

    1. Learning is Fun Company generated revenues amounting to Php 100,000. Expenses for
    the year totaled Php 76,000. How much is the company’s net income for the year?

    - The company’s net income is Php 24,000.


    - Solution:
    By using the formula of SCI I was able to come up with this answer:
    R- E= NI/NL
    (R) Php 100,000- (E) Php 76,000 = Php 24,000 (NI)

    2. Happy Selling Company’s salaries to sales agents amounted to Php 10,000. Salaries of
    accountants amounted to Php 20,000. No other expenses were incurred. How much is the
    company’s general and administrative expense?

    - The company’s general and administrative expense is Php 30,000.

    - I was able to come up with this answer by adding the all the expenses of Happy Selling
    Company, which are the fact the factor of general and administrative expense:

    Solution:

    Php 10,000 (salaries to sales agents) + Php 20,000 (salaries to accountant) = Php 30,000

    3. Processing Questions
    Questions and my answers:
    1. How do you find the activities? Do you find it challenging? Why?

    - I find the activities challenging but interesting and comprehensive at the same time. The
    activities require the skills of analysis and critical thinking, thus it was a bit challenging.
    However the activities contain the characteristic which induces interest from learners like me,
    furthermore the comprehensive problems and questions included contributed with my learning.
    As a result of the combination among these characters included within the activities of the lesson
    it became an effective aid with my learning.

    2. What is the difference between revenue, income?

    - Revenue is the total amount of income generated by the sale of goods or services related to a
    particular business’ operation. Furthermore it is the number of income a company generated
    before any expenses are taken out. Income on the other hand is the net amount after the cost of
    the business is deducted with the Revenue. The income determines whether a business is
    efficient or not, it is a significant measure of the profitability of a company. Therefore Revenue
    represents the general positive cash flow, while income represents the specific positive cash
    flow. The concept which caused this is the fact that the Revenue is the totality of amount a
    business receives, and income on the other hand is the result of subtraction, which specifies its
    value. In conclusion they differ in terms of the value of the money included within the domain of
    these concepts.

    future. A wide variety of study must be conducted to become familiar with the principles
    significant with the field we are trying to pursue.

    2. Reflective Questions
    My answers:
    How can Statement of Comprehensive Income be used in business? Answer in your
    own words based on what you have learned in this lesson.

    - The statement of Comprehensive Income provides the Overview of the profitability of the
    business. Through the value representation of Revenues, Expenses, Net loss, and Net
    income, it provides the efficiency of determining the path of the money within the
    business. Furthermore the Statement of Comprehensive Income can help owners assess
    the progress of their business as it indicates the financial situation which relies on the
    management. It is utilized as well to come up with effective options or solutions to reduce
    expenses if ever the costs of expenses are greater. Moreover these significant reports also
    play a vital role in convincing investors for investments (possibly if a particular report
    depicts greater values of net incomes and revenues acquired). In conclusion a good visual
    representation of the progress of a particular business is vital for the reduction of losses,
    and for an ensured allocation based on the report towards a more progressive outcome.

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