Statement of profit or loss and other comprehensive income 9. Which of the following is not an acceptable method of presenting income and expenses? a. Presenting income and expenses that affect profit or loss and those that are components of other comprehensive income in a single statement. b. Presenting an income statement in addition to a statement that presents comprehensive income. c. Presenting an income statement alone without a statement that presents comprehensive income. d. All of these are acceptable methods of presentation.

Statement of profit or loss and other comprehensive income 9. Which of the following is not an acceptable method of presenting income and expenses? a. Presenting income and expenses that affect profit or loss and those that are components of other comprehensive income in a single statement. b. Presenting an income statement in addition to a statement that presents comprehensive income. c. Presenting an income statement alone without a statement that presents comprehensive income. d. All of these are acceptable methods of presentation.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 7E: Determine the effect of the following errors on a companys total revenue, total expenses, and net...

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Please answer correct with reason Under SFAS 130, Reporting Comprehensive Income, corrections of errors are reported in Other comprehensive income. Other income/(expense). Retained earnings. Stockholders’ equity
25 _______________is the process of determining the monetary amounts at which the elements of the financial statements are to be recognized and carried in the statement of financial position and statement of profit or loss and other comprehensive income. a. Verifiability b. None of the given options c. Relevance d. Measurement
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Which of the following statements about accounting income and economic income is (are) correct? I. Accounting income ignores many unrealized gains/losses of assets and liabilities, but economic income fully recognizes unrealized gains/losses. II. Accounting income does not consider all the costs (e.g., opportunity costs), whereas economic income account for all types of costs. III. Income and capital gains/losses are treated different in the calculation of accounting income, while they are treated the same in the calculation of economic income. Group of answer choices a.I and II b. I and III c. II and III d. I, II and III
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Which statement is incorrect? * The FUNCTIONAL Income Statement classifies expenses into cost of sales, selling expenses and general administrative expenses, among others. Income encompasses both revenues and gains. Revenues arise in the ordinary course of business activities while gains are not. Expenses encompasses both expenses and losses. Losses usually comprise the majority amount of deductible expenses to arrive at taxable income. The statement of comprehensive income encompasses all income and expenses, whether they are recognized in profit or loss determination or recognized directly in equity.
Which statement is incorrect? * The FUNCTIONAL Income Statement classifies expenses into cost of sales, selling expenses and general administrative expenses, among others. Income encompasses both revenues and gains. Revenues arise in the ordinary course of business activities while gains are not. Expenses encompasses both expenses and losses. Losses usually comprise the majority amount of deductible expenses to arrive at taxable income. The statement of comprehensive income encompasses all income and expenses, whether they are recognized in profit or loss determination or recognized directly in equity. none of the above
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Which statement is incorrect? a. Notes to financial statements (F/S) provide narrative description or disaggregation of items disclosed in F/S and information about items that do not qualify for recognition. b. Notes to F/S are an integral part of F/S. c. Notes to F/S amplify the items presented in the F/S. d. Notes to F/S is the best demonstration of the standard of adequate disclosure. e. none of the above Which statement is incorrect? a. The FUNCTIONAL Income Statement classifies expenses into cost of sales, selling expenses and general administrative expenses, among others. b. Income encompasses both revenues and gains. Revenues arise in the ordinary course of business activities while gains are not. c. Expenses encompasses both expenses and losses. Losses usually comprise the majority amount of deductible expenses to arrive at taxable income. d. The statement of comprehensive income encompasses all income and expenses, whether they are recognized in profit or loss determination…