F1 - M7 - Statement of Comprehensive Income

Question 1

What is the equation for comprehensive Income

Answer 1

Net Income + Other Comprehensive Income

Question 2

______ is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstance from non owner sources

Answer 2

Other Comprehensive Income

Question 3

Net Income includes (2)

Answer 3

Income from Operations and Discounted Operations

Question 4

What is the Mnemonic for Other Comprehensive income

Answer 4

PUFIE, (R) - for IFRS only

Question 5

What does the Mnemonic (PUFIER) Stand for

Answer 5

1) Pension Adjustments 2) Unrealized Gains/Losses from AFS debt security 3) Foreign translation Adjustments 4) Instrument-speciffic credit risk, 5) Effect portion of cash flow hedge 6) Revaluation Surplus Gains (IFRS only)

Question 6

What are the two statement approaches for OCI

Answer 6

1) Single Step and 2) Multi-step approach

Question 7

_______ is a component of equity that includes the total OCI from current period and all previous period

Answer 7

Accumulated OCI

Question 8

OCI can be reported either ______ or _____ related effects with one amount shown for the _________

Answer 8

Net of tax or before tax related effects with one amount shown for the aggregate.

Question 9

The _____ approach includes (statement of income and comprehensive income)

Answer 9

one-statement approach

Question 10

The _____ approach includes (statement of income immediately followed by a separate statement of comprehensive income).

Answer 10

two- statement approach

Question 11

Components of other comprehensive income may be reported either _______ or before related tax effects, with one amount shown for the __________ related to the total of other comprehensive income items.

Answer 11

net of tax, aggregate income tax expense or benefit