STATEMENT OF COMPREHENSIVE INCOME

Beschreibung

Quiz am STATEMENT OF COMPREHENSIVE INCOME, erstellt von chriskilleen am 17/09/2015.
chriskilleen
Quiz von chriskilleen, aktualisiert more than 1 year ago
chriskilleen
Erstellt von chriskilleen vor etwa 9 Jahre
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Zusammenfassung der Ressource

Frage 1

Frage
What is comprehensive income?
Antworten
  • Unrealized gains and losses on securities available for sale, unrecognized pension gains and losses, foreign currency translation adjustments, certain derivative gains and losses.
  • Net income plus or minus unrealized gains and losses on securities available for sale, unrealized pension cost, certain unrealized gains and losses on derivatives, and foreign currency translation adjustments.

Frage 2

Frage
What are the three ways of reporting comprehensive income?
Antworten
  • Separate income statement, as part of the income statement, or in the statement of shareholders' equity.
  • 1) Single statement of net income and comprehensive income or 2) two separate statements: a statement of net income and a statement of comprehensives income.

Frage 3

Frage
What is the main purpose of disclosing comprehensive income?
Antworten
  • To report the net change in equity in a single amount.
  • Owner's equity.

Frage 4

Frage
Does IFRS (International Financial Reporting Standards) allow revaluation of plant assets and intangibles to fair value as a other comprehensive income item?
Antworten
  • Yes, it is allowed.
  • When OCI item from previous year is removed from AOCI.

Frage 5

Frage
What is net income plus or minus other components of comprehensive income?
Antworten
  • Comprehensive income.
  • Owner's equity.

Frage 6

Frage
What is an OCI reclassification adjustment?
Antworten
  • When OCI item from previous year is removed from AOCI.
  • Owner's equity.

Frage 7

Frage
What type of account is AOCI?
Antworten
  • Owner's equity.
  • Comprehensive income.
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