Comprehensive Income

Question 1

Components of OtherComprehensive Income (5)

Answer 1

PUFER
Pension adjustments
Unrealized gains and losses (available for sale securities)
Foreign currency items
Effective portion cash flow hedges
Revaluation surplus (IFRS only)

Question 2

Component of other comprehensive income that only applies to IFRS:

Answer 2

Revaluation surplus

Question 3

Comprehensive income includes all changes in equity during a period exception those resulting from investments by ______ and distributions to _____

Answer 3

owners

Question 4

Comprehensive income =

Answer 4

Net income + other comprehensive income

Question 5

Moving other comprehensive income items from accumulated comprehensive income to the income statement helps to avoid:

Answer 5

double counting

Question 6

Component of equity that includes the total of other comprehensive income for the period and previous periods

Answer 6

Accumulated other comprehensive income

Question 7

At the end of each accounting period, all components of comprehensive income are closed to the:

Answer 7

balance sheet

Question 8

At the end of each accounting period, net income is closed to:

Answer 8

retained earnings

Question 9

At the end of each accounting period, other comprehensive income is closed to:

Answer 9

accumulated other comprehensive income

Question 10

Comprehensive income is presented with _____ prominence as the other financial statements

Answer 10

same

Question 11

Comprehensive income should not be reported on a ___ ____ basis

Answer 11

per share

Question 12

Both IFRS and GAAP allow comprehensive income to be reported in a ________ approach or a ________ approach

Answer 12

single-statement; two-statement

Question 13

The single-statement approach begins with _____ and the first half of the statement is actually a summarized _______ _______

Answer 13

revenues; income statement

Question 14

The two-statement approach begins with ____ _____ and then flows into the other comprehensive income section immediately

Answer 14

net income

Question 15

Income tax expense or benefit for comprehensive income must be disclosed either on the _____ of the statement or in the ______

Answer 15

face; notes

Question 16

Comprehensive income is reported:

Answer 16

quarterly and annually

Question 17

Total accumulated other comprehensive income is reported in the _____ _____ as an item of _______

Answer 17

balance sheet; equity

Question 18

Changes in AOCI balances by component require ____ ______ on either the _____ of the statement or in the ____

Answer 18

separate disclosure; face; notes