Day 26 - Test Day Flashcards
1
Q
What is the Gain or loss recorded during an asset transferred in troubled debt?
A
The asset is adjusted to Fair Value
Carrying Value - Fair Value
MCQ-00532
2
Q
Reclassification adjustments must be shown in the FS that discloses comprehensive income:
A
To avoid double counting in comprehensive income items, which are currently displayed in Net Income
Unrealized gains are now Realized which is included in Net Income
MCQ-00233
3
Q
A
