FAR 1 Flashcards
1
Q
When settling AP with foreign currency in the next fiscal year, is a gain/recognized from the day of purchase or year end?
A
Year end
2
Q
Is Freight in/out operational expense or admin expense?
A
Admin expense
3
Q
Does revenue acct shown in a single-step income statement include purch disc and recovery of acct w/o?
A
Revenue account only includes sales of goods, service, and/or rental in a single-step income statement.
4
Q
What can cause earnings to differ from. Comprehensive income?
A
Unrealized holding loss from afs debt securities
5
Q
What’s included in other comprehensive income?
A
Pension Adj, Unrealized gain/loss of AFS debt/hedge, Foreign Currency & Instrument-specific credit risk
