Financial Accounting: Business Process Approach
3rd Edition
ISBN: 9780136115274
Author: Jane L. Reimers
Publisher: Prentice Hall
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Textbook Question
Chapter 10A, Problem 2SEB
Comprehensive income. (LO 5). Give an example of an item (other than a gain or loss) that would be excluded from the income statement and shown directly on the
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Financial Accounting: Business Process Approach
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- What items are not presented on the income statement?arrow_forwardWhich of the following equations expresses the definition of “income”? Choices; Income = Revenues – Expenses Income = (Revenues + Gains) – (Expenses + Losses) Income = Revenues + Gains Income = Gains – Lossesarrow_forwardWhich of the following is notan acceptable way of displaying the components of other comprehensive income under IFRS? a. Within the statement of retained earnings. b. Second income statement. c. Combined statement of comprehensive income. d. All of these choices are acceptable.arrow_forward
- A. What is the combined net income? B. What is the balance of the unrealized gain account?arrow_forwardThe cumulative effects of other comprehensive income items are included in retained earnings on the balance sheet.True Falsearrow_forwardTrue or False? The amount of net income is added on the statement of retained earnings.arrow_forward
- What differentiates things reported on the income statement from those reported on the balance sheet on a fundamental level?arrow_forwardPlease explain the meaning of the following statement, I don't understand. The income reports net income or net loss that is equal to total revenues and gains, less total expenses and losses or the amount of income or loss that is left after total expenses have been deducted from total income.arrow_forwardWhich of the following accounts would not be involved in preparing the income statement? Group of answer choices Tax expense All the accounts would be involved in preparing the income statement. Interest income Accumulated depreciation Depreciation expensearrow_forward
- Which of the following refers to the elements of Comprehensive Income? a) Net Income, Interest Payments and Income Tax Payments b) Retained Earnings and Other Comprehensive Income c) Net Income and Other Comprehensive Income d) Sales and Other Comprehensive Incomearrow_forwardWhich 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 or recognized directly in equity. e.none of the abovearrow_forwardQUESTION How much shall be presented as profit/loss on the face of the income statement? USE NEGATIVE SIGN IF LOSSarrow_forward
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