Statement of Changes in Equity Flashcards

1
Q

Is the Statement of Changes in Equity required under International Financial Reporting Standards (IFRS)?

A

Yes, it is required.

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2
Q

How many years of Owners’ Equity (OE) must be reported by Securities and Exchange Commission (SEC) registrants?

A

Three years of OE statements.

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3
Q

Does accumulated other comprehensive income (AOCI) have its own column in the vertical format?

A

Yes, it has its own column.

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4
Q

What do vertical format statements allow accountants to do?

A

Check accuracy by comparing total Owner’s Equity (OE) computed as (1) the sum of each transaction affecting OE and (2) the sum of individual OE account balances.

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5
Q

How are accounts listed in the vertical format?

A

They are listed in separate columns.

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6
Q

In what type of format does the Statement of Changes in Equity appear?

A

The format is vertical and horizontal.

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7
Q

List the other names for Statement of Changes in Equity.

A

Statement of Changes in Owners’ Equity, Owners’ Equity Statement, Statement of Shareholders’ Equity, and Statement of Owners’ Equity.

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