Quiz
STATEMENT OF COMPREHENSIVE INCOME
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Questions in this quiz (7)
1What is comprehensive income?
- AUnrealized gains and losses on securities available for sale, unrecognized pension gains and losses, foreign currency translation adjustments, certain derivative gains and losses.
- BNet 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.
2What are the three ways of reporting comprehensive income?
- ASeparate income statement, as part of the income statement, or in the statement of shareholders' equity.
- B1) Single statement of net income and comprehensive income or 2) two separate statements: a statement of net income and a statement of comprehensives income.
3What is the main purpose of disclosing comprehensive income?
- ATo report the net change in equity in a single amount.
- BOwner's equity.
4Does IFRS (International Financial Reporting Standards) allow revaluation of plant assets and intangibles to fair value as a other comprehensive income item?
- AYes, it is allowed.
- BWhen OCI item from previous year is removed from AOCI.
5What is net income plus or minus other components of comprehensive income?
- AComprehensive income.
- BOwner's equity.
6What is an OCI reclassification adjustment?
- AWhen OCI item from previous year is removed from AOCI.
- BOwner's equity.
7What type of account is AOCI?
- AOwner's equity.
- BComprehensive income.
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- Quiz on STATEMENT OF COMPREHENSIVE INCOME, created by chriskilleen on 17/09/2015.
- Author
- chriskilleen
- Language
- English
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