Income Statement Flashcards
1
Q
Multistep Income Statement
A
Co Name Date Sales COGS ------- Gross Profit/margin Op. Exp (SG&A) \+/- other Inc/exp Inc from Op before tax Inc Tax ------- Inc from Cont Op \+/- Disc. Op \+/- Extraordinary ----------- NI
2
Q
Cost of Goods Manufactured
A
CGM+Beg Inv-End Inv=COGS
3
Q
Single Step Income Statement
A
Co Name & Date Rev & Gains Exp & Losses ---------- NI
4
Q
Extraordinary Items on IS
A
Must be both unusual and infrequent. ARe shown net of tax below Inc. from Continuing Operations.
5
Q
Prior period adjustments
A
These should not impact NI. They are only adjusting retained earnings.
6
Q
Other Comprehensive Income
A
1) Foreign currency adjustments
2) Unrealized holdings gain/loss
3) Pension adjustments
4) Certain derivative gain/loss
7
Q
IFRS IS
A
Income Statement + OCI
8
Q
GAAP vs IFRS IS
A
GAAP IFRS
Req Special Items Does not
Div/Sh not req Div/Sh req
Extraordinary No Extraordinary
9
Q
IFRS definitions
A
Rev = Turnover Profit = NI
10
Q
IFRS order on IS
A
Lists by function or by nature
