Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

FAR 1 > Comprehensive Income > Flashcards

Comprehensive Income Flashcards

1
Q

What is the equation to calculate Comprehensive Income

A

Net Income + Other Comprehensive Income = Comprehensive Income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What is comprised of OCI?

A

PUFER- Pension Adjustments, Unrealized Gains/Losses on Available for Sale Securities, Foreign currency Items, Effective Portion of Cash flow hedges, Revaluation Surplus (IFRS only)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are the four disclosures related to OCI

A
  1. Tax effects of each component of OCI 2. Changes in accumulated balances of each components in OCI 3. Total AOCI on the balance sheet. 4. Reclassification adjustments made to book OCI into AOCI
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

True /False : The two-statement approach shows expenses in calculating OCI

A

False- Two statement approach only shows ‘Net Income’. Single statement approach shows both.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly

FAR 1 (7 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions