Comprehensive Income Quiz

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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?

<p>In two statements: a statement displaying components of profit or loss and a second statement beginning with profit or loss (D)</p> Signup and view all the answers

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

<p>Change in Revaluation Surplus (C)</p> Signup and view all the answers

What is the purpose of the nature of expense method?

<p>To aggregate expenses according to their nature (B)</p> Signup and view all the answers

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

<p>Remeasurement gains and losses for defined benefit plans (D)</p> Signup and view all the answers

What should an entity disclose when classifying expenses by function?

<p>Additional information on the nature of expenses (D)</p> 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?

<p>Extraordinary items (D)</p> Signup and view all the answers

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

<p>All of the above (D)</p> Signup and view all the answers

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