Which of the following changes during a period is not a component of other comprehensive income? Group of answer choices a. Foreign currency translation adjustment b. Remeasurement of defined benefit costs c. Unrealized gain on equity instrument measured at fair value d. though other comprehensive income Treasury shares, at cost

Which of the following changes during a period is not a component of other comprehensive income? Group of answer choices a. Foreign currency translation adjustment b. Remeasurement of defined benefit costs c. Unrealized gain on equity instrument measured at fair value d. though other comprehensive income Treasury shares, at cost

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 1EA: Match the correct term with its definition. A. cost principle i. if uncertainty in a potential...

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Which is a incorrect statement below? A. Change in revaluation surplus is an OCI that will be reclassified to retained earnings.B. An entity may present its comprehensive income using a single statement approach.C. Gain or loss from translating financial statements of a foreign operation is an OCI that will be reclassified subsequently to retained earnings.D. Sales commissions are part of selling expenses.
2. Which of the following is not included in comprehensive income? a. gains on reissuance of treasury shares b. translation differences related to foreign operations c. fair value gains or losses on FVOCI securities. d. fair value gains or losses on FVPL securities.
H7. Which of the following ratios does not use net income in its calculation? Multiple Choice Net profit margin Earnings per share Return on equity Fixed asset turnover Explain also wrong options and explain with details
Which of the following is NOT a component of Accumulated Other Comprehensive Income? A. Gains or losses on Treasury Stock B. Unrealized holding gains or losses on available-for-sale securities C. Gains or losses from foreign currency translation adjustments D. Gains or losses related to post retirement benefit plans (pensions)
23. What is the process of incorporating an item in the statement of financial position or statement of profit or loss and other comprehensive income, when it meets the definition criteria? a. None of the options b. De-recognition c. Recognition d. Measurement
1. Which of the following creates the largest temporary differences (think taxes): a. Other liabilities b. Share-based compensation c. Equity method investments d. Trademarks and other intangibles e. Property, plant and equipment
Which 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
Classifying Financial Statement Amounts For the following six items, indicate which financial statement category would be affected: (1) net income or (2) other comprehensive income. a. Realized gain on sale of AFS debt investment. b. Realized loss on sale of HTM debt investment. c. Unrealized gain on an AFS debt investment. d. Unrealized loss on a TS debt investment. e. Unrealized gain on an AFS debt investment accounted for using the fair value option. f. Unrealized loss on an equity investment measured at FV-NI.
Classify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Collections of rental in excess of rent revenue reported during the period. Dividends received by a domestic corporation from a domestic corporation. Increase in fair value of equity investments measured at fair value through profit or loss. Uncollectible accounts expense in excess of accounts written off during the period. Tax depreciation in excess of depreciation for accounting purposes.
Classify the following items that may cause discrepancy between accounting profit and taxable income, into the following types of differences. Also, provide an explenation why that is their classification. A. Non-deductible expenses B. Non-taxable revenues C. Deductible temporary difference D. Taxable temporary difference Collections of rental in excess of rent revenue reported during the period. Dividends received by a domestic corporation from a domestic corporation. Increase in fair value of equity investments measured at fair value through profit or loss.
Classifying Financial Statement Amounts For the following six items, indicate which financial statement category would be affected: (1) net income or (2) other comprehensive income. d. Unrealized loss on a TS debt investment. e. Unrealized gain on an AFS debt investment accounted for using the fair value option. f. Unrealized loss on an equity investment measured at FV-NI.
1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…