income statements

Question 1

what is the purpose of this?

to summarize all changes in equity from non-owner sources

Answer 1

purpose of reporting comprehensive income

Question 2

which of the following would the statement of comprehensive income report as other comprehensive income or loss?

unrealized gains or losses on AFS/ realized gain on sale of AFS

Answer 2

only unrealized gains or losses on AFS are recorded in OCI.

realized gain on sale of AFS is recognized in income for the period

Question 3

gain or loss from lawsuit would be included in

Answer 3

the income for continuing operations.

Question 4

net effect of a change affect this year’s income. T/F

Answer 4

false it doesn’t

Question 5

unrealized gains or losses on AFS securities are recorded in OCI.

Answer 5

realized gain is recognized in income for the period.

Question 6

Which of the following statements is correct regarding reporting comprehensive income?

Answer 6

Accumulated other comprehensive income is reported in the stockholders’ equity section of the balance sheet.

Question 7

accumulated other comprehensive income is reported in which financial statements

Answer 7

statement of financial positions, it s am account in the shareholders equity section of the balance sheet, it accumulates unrealized gains and losses from OCI.

Question 8

Which of the following is correct concerning financial statement disclosure of accounting policies?

Answer 8

Disclosure of accounting policies is an integral part of the financial statements.