Statement of Comprehensice Income

Question 1

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

Answer 1

Yes, it has its own column.

Question 2

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

Answer 2

Yes, it has its own column.

Question 3

How are accounts listed in the vertical format?

Answer 3

They are listed in separate columns.

Question 4

In what type of format does the statement of changes in equity appear?

Answer 4

The format is vertical and horizontal

Question 5

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

Answer 5

Three years of OE statements

Question 6

List the other names for statement of changes in equity.

Answer 6

Statement of changes in owners’ equity
Owners’ equity statement
Statement of shareholders’ equity
Statement of owners’ equity

Question 7

What do vertical format statements allow accountants to do?

Answer 7

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

Question 8

Is the statement of changes in equity required under international financial reporting standards (IFRS)

Answer 8

Yes, it is required.