Statement of Comprehensive Income

Question 1

how many forms on the stmt of CI

Answer 1

single statement

two statements

Question 2

Purpose of comprehensive income

Answer 2

To report the net change in equity in a single amount

To report a measure of overall enterprise performance of changes in equity for non owners

Question 3

What is CI

Answer 3

CI= Net Income +- Other CI

Question 4

Reporting Stmt of CI

Answer 4

1. • A separate stmt of CI

2. - as part of the IC

Question 5

What type of account is Accum OCI

Answer 5

Owner’s Equity account

Question 6

What is OCI reclassification adjustment

Answer 6

and adj made to avoid double counting in CI When an OCI item from a previous year is removed from accum OCI

Question 7

AOCI

Answer 7

is the amount carried over from the previous period and then either increased or decrease during the current period

Question 8

Components of OCI

Answer 8

• unrealized gains and loses on securities avlbl for sale, -unrecognized/unrealized pension cost,
• unrealized gains and losses for certain derivatives
• foreign currency translation adjustment

Question 9

Stmt of CI

Answer 9

STmt of CI
FYE Dec 31

Net Income xxx
Other Comprehensive Income (net of Tax)
Unrealized G/L foreign curr translation (xx)
Unrealized G?L AFS debt securities xx
Other comprehensive income xxx
=Comprehensive Income XXX

Question 10

Comprehensive income corrections errors are reported

Answer 10

are reported in retained earnings

Question 11

where Are decreases in FV held to maturity reported

Answer 11

Decreases in FV are NOT reported in NI or OCI

Question 12

Under IFRS how many methods of FS are acceptable

Answer 12

Two stmts”
and income stmt
and a CI stmt