FAR Comprehensive Inc

Question 1

comprehensive income includes all changes to

Answer 1

equity for a period except distributions to owner and owner investments

Question 2

A transaction denominated in a foreign currency is recorded

Answer 2

at the spot rate on the date of the transaction

Question 3

The statement of Comprehensive Income starts with

Answer 3

Net Income

Question 4

OCI - Other Comprehensive Income includes

Answer 4

revenues, expenses, gains and losses that are not included in NET INCOME

Question 5

Items of OCI:

Answer 5

1. Gains and losses on foreign currency translation adjustments
2. Pension Plan adjustments
3. Gains and losses on AFS investments: such as AFS debt securities
4. Gains and losses on Cash Flow Hedges

Question 6

Total Comprehensive Income = Net Income plus OCI

Answer 6

shows total change in equity from non-owner sources during a period

Question 7

Characteristics of OCI

Answer 7

1. Temporary: until reclassified to Net Income
2. they are non-cash items
3. volatile

Question 8

Accumulated OCI is reported in an

Answer 8

After tax basis

Question 9

Items of Accumated OCI:

Answer 9

Unrecognized prior service cost
Unrecognized pension gains