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)

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)

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter4: Additional Income And The Qualified Business Income Deduction

Section: Chapter Questions

Problem 19MCQ

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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
Which of the following is not one of the components of other comprehensive income? a. changes in revaluation surplus b. remeasurements of the net defined benefit liability (asset) unrealized gains and losses on FVPL c. translation gains and losses on foreign operation d. effective portion of gains and losses on hedging instruments on a cash flow hedge
Why are unrealized gains and losses on available-for-sale securities not reported in theincome statement, but instead are reported in other comprehensive income, and thenshown in accumulated other comprehensive income (AOCI) in the balance sheet?
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.
5 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 cost6 An entity shall present an analysis of expenses using a classification based on Group of answer choices a. the function of expense b. the nature of expense c. either the nature of expense or the function of expense, whichever the entity would prefer to present d. either the nature of expense or the function of expense, whichever provides information that is reliable and more relevant
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Investments in equity securities are adjusted to fair value at the end of the period. This adjustment will affect the income statement, statement of comprehensive income, statement of retained earnings and the balance sheet. (True/False) In accounting for pension plans, the projected benefit obligation, service cost and pension plan assets are all valued at present value. (True/False)
Discuss the propriety of showing:(a) Treasury stock as an asset.(b) “Gain” or “loss” on sale of treasury stock as additionsto or deductions from income.(c) Dividends received on treasury stock as income.
Which of the following statements is TRUE regarding the equity method? A. The equity method is used for reporting gains or losses for non-strategic investments. B. The investor's share of the associate's dividends declared is reported as revenue. C. The investor's investment in the associate changes in direct relation to the changes taking place in the associate's equity accounts. D. The equity method reports unrealized gains and losses on revaluations to fair value in net income.
Why are unrealized gains and losses on trading securities reported in the incomestatement?
Which of the following information should be disclosed in the summary of significant accounting policies? Adequacy of pension plan assets relative to vested benefits. Refinancing of debt subsequent to the balance sheet date. Criteria for determining which investments are treated as cash equivalents. Guarantees of indebtedness of others.