Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

10 Questions

0 Views

Comprehensive Income Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What type of income and expenses are included in Other Comprehensive Income?

Items that are only included in Retained Earnings

Items that are not included in Profit and Loss as required by a standard or interpretation (correct)

Items that are directly included in Profit and Loss

Items that are only included in the Balance Sheet

What type of OCI items are reclassified to Retained Earnings?

Remeasurement gains and losses for defined benefit plans

Unrealized gain or loss on debt investments measured at fair value

Unrealized gain or loss on equity investments measured at fair value (correct)

Translation gains and losses of foreign operations

What should be disclosed in the statement of comprehensive income as allocations of profit or loss for the period?

Total comprehensive income for the period

Components of OCI that will be reclassified subsequently to Retained Earnings

Profit or loss for the period attributable to Minority interest and Owners of the parent (correct)

Components of OCI that will be reclassified subsequently to profit or loss

How can an entity present items of income and expense recognized in a period?

In two statements: a statement displaying components of profit or loss and a second statement beginning with profit or loss Signup and view all the answers

What is not a component of OCI that will be reclassified subsequently to profit or loss?

Change in Revaluation Surplus Signup and view all the answers

What is the purpose of the nature of expense method?

To aggregate expenses according to their nature Signup and view all the answers

What is an example of a component of OCI that will be reclassified subsequently to Retained Earnings?

Remeasurement gains and losses for defined benefit plans Signup and view all the answers

What should an entity disclose when classifying expenses by function?

Additional information on the nature of expenses Signup and view all the answers

What items should not be presented by an entity, either on the face of the income statement or in the notes?

Extraordinary items Signup and view all the answers

What should a statement of changes in equity show, among other things?

All of the above Signup and view all the answers