F1 M2 - Income statement and balance sheet

Question 1

What is included in a multi-step income statement

Answer 1

ON TID N OC
O- Operating
Revenues
(COGS)
=GP
(Operating expenses)
Depreciation expense 
Selling expenses
G&A expenses
------------------------
= Operating income
N - non operating
Interest Revenue
Gains
Interest expense
Losses
------------------------
= Non operating
* Taxes
=income from continuing operations
\+discontinued operations
= NI

Question 2

What is the objective of total comprehensive income and how is it calculated?

Answer 2

to display the changes in equity (excluding the amounts from transactions between owners) in one amount.
calculation of total comprehensive income is the summation of:
Net income
+
Other comprehensive income

Question 3

What are the elements that are to be reported in other comprehensive income (OCI)

Answer 3

P - Pension related gains and losses will be amortized out of accumulated other comprehensive income to the statement of other comprehensive income.
U -Unrealized holding gains and losses on available-for-sale securities
F - Foreign currency translation gains and losses
I -Instrument specific credit risk
E -Effective portion of cash flow hedges