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FAR > 1.0 Section one misc > Flashcards

1.0 Section one misc Flashcards

1
Q

What is Step 1 in Comprehensive Income

A

Gross Profit

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2
Q

How do you get Gross Profit in Comprehensive income (Step 1) ?

A

Net Sales Revenue
(-) Cost of Goods Sold
= Gross Profit

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3
Q

What is Step 2 in comprehensive Income?

A

Operating Income

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4
Q

How do you get to Operating Income (step 2)?

A

(-) Subtract Operating items

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5
Q

What is Step 3 in Comprehensive Income ?

A

Income before Taxes

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6
Q

How do you get to Income before taxes ?

A

Adding or subtracting NON-Operating items

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7
Q

What are the non-Operating items in Income before taxes (step 3) in the comprehensive Income?

A

1 interest income and expense
2 Dividend income
3 Gains and losses on sale of assets or debt extinguishment
4.Unrealized gains and losses
5.Unusual and infrequent items

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8
Q

What is Step 4 in comprehensive income ?

A

Income from continuing Operations !

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9
Q

How do you get to Income from continuing operations (step 4) in comprehensive income

A

Subtract (-) Provision for income tax

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10
Q

What is Step 5 in Comprehensive income

A

Net Income

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11
Q

How do you get to Net Income (step 5) on comprehensive income ?

A

adding or subtracting Discontinued Operations (net of Tax)

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12
Q

What is Step 6 in comprehensive Income ?

A

Comprehensive Income

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13
Q

How do you get to Comprehensive income (step 6) in comprehensive income?

A

adding or subtracting Other comprehensive income (OCI)

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14
Q

What is contained in Other comprehensive income (OCI) in Step 6? hint it’s the Acronym DENT!?

A
  1. D erivative cash flow hedges
  2. E xcess adjustment on defined benefit pension plans
  3. N et unrealized gain and losses on available -for- sale debt securities
  4. T ranslation adjustments from foreign currency
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15
Q
A
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16
Q

Which item is not subject to the application of intra period income tax allocation

A

Operating income

FAR (9 decks)

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