RUE OR FALSE? In computing for the comprehensive income, the translation loss on foreign operation will be deducted from the net income
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TRUE OR FALSE?
In computing for the comprehensive income, the translation loss on foreign operation will be deducted from the net income.
Step by step
Solved in 2 steps
- what is the interpretation of the line item " net impact of repatriated international earning"? Why is it a positive reconciling item in some years but negative in other years?Comprehensive income includes items not included in the computation of net income, such as foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. True FalseWhich of the following is not a part of Other Comprehensive Income? Group of answer choices foreign currency translation adjustments gains on the sale of equipment unrealized gains on available-for-sale debt securities unrecognized pension costs
- Which of the following is not an exclusion from gross income? A. Income of government propertiesB. Income taxes collected by the BIRC. SSS benefitsD. Dividend income payable to a foreign governmentComprehensive income comprises factors that are not included in net income, such as foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. True FalseWhy do U.S. companies keep using LIFO while IFRS prohibits it? a. LIFO provides a more realistic income statement since the most recent items purchased are what is measured on the income statement. b. LIFO assigns less weight to the balance sheet. c. The taxing authority in the U.S. has conformity provisions.
- In accordance with U.S. generally accepted accounting principles, which translation combination is appropriate for a foreign operation whose functional currency is the U.S. dollar? Choose the correct option. Method Treatmemt of transition adjustment a. Current rate other comprehensive income b. Current rate Gain or loss in net income c. Temporal other comprehensive income d. Temporal Gain or loss in net incomeThe U.S. system of accounting for worldwide income is not the norm in the rest of the world. Do you think that's a good thing or a bad thing or indifferent?Exchange difference arising from the translation of financial statements of a foreign operation into the presentation currency of the reporting entity shall be accounted for as Group of answer choices Translation gain or loss as a component of profit or loss Transaction gain or loss as component of other comprehensive income Translation gain or loss as a component of other comprehensive income Transaction gain or loss as component of profit or loss
- Assets and liabilities, and income and expenses, when material, shall not be offset against each other. Which among the following is not an allowed offsetting? * a. foreign exchange gains and losses b. gain from the proceeds of selling equipment and the related selling expenditures c. share premium and organizational costs d. "gain" from donated land and the related cost of transferring the titleAssets and liabilities, and income and expenses, when material, shall not be offset against each other. Which among the following is not an allowed offsetting? * foreign exchange gains and losses gain from the proceeds of selling equipment and the related selling expenditures share premium and organizational costs "gain" from donated land and the related cost of transferring the titleExplain the following a) Gain or losses on foreign exchange translations. b )Recording of previous periods errors in revenue and expenditure after preparation of final accounts in the current periods.
