Question : 81. Which of the following is/are true concerning accumulated other comprehensive : 1245916

 

 

81. Which of the following is/are true concerning accumulated other comprehensive income? 
A. Firms measure marketable equity securities classified as available for sale at fair value and record the unrealized changes in fair value as an element of other comprehensive income.
B. Firms remeasure derivatives designated as cash flow hedges to fair value at the end of each period and report the unrealized gain or loss in other comprehensive income.
C. Firms translate the reported results of their foreign operations from local currencies into U.S. dollars in order to prepare consolidated financial statements.
D. Firms must include gains and losses from changes in actuarial assumptions, actuarial performance, and prior service cost in other comprehensive income prior to their amortization as an adjustment to pension expense.
E. all of the above

 

82. Both U.S. GAAP and IFRS require the presentation of an income statement and the presentation of the items of Other Comprehensive Income. U.S. GAAP permits the following reporting format(s) except for: 
A. a single statement of comprehensive income that shows all the changes in net assets except from transactions with owners.
B. a two-statement presentation that includes an income statement and a separate statement of comprehensive income.
C. a separate display of the items comprising Other Comprehensive Income within a statement of changes in shareholders’ equity.
D. a separate display of the items comprising Other Comprehensive Income within a statement of retained earnings.
E. All of the above are acceptable reporting formats.

 

83. Accumulated Other Comprehensive Income 
A. is a shareholders’ equity account on the balance sheet.
B. reports the cumulative amounts of other comprehensive income as of the date of the balance sheet.
C. equals net income on the traditional income statement plus other comprehensive income for the period.
D. is both choices a and b.
E. is all choices a, b, and c.

 

84. U.S. GAAP and IFRS require firms to disclose unrealized gains and losses that historically have bypassed the income statement in a category called _____. 
A. net income
B. gross income
C. other comprehensive income
D. accumulated other comprehensive income
E. cash flows from operations

 

85. Which of the following elements of financial statements is not a component of comprehensive income? 
A. Revenues
B. Expenses
C. Losses
D. Distributions to owners
E. All of these are components of comprehensive income.

 

86. Assume that U.S. GAAP and IFRS require firms to remeasure the amount of a particular asset from $12 million to $8 million because of economic events. Which of the following journal entries should the company make? 
A. Miscellaneous Expense               4,000,000
       Asset                                                  4,000,000
B. Other Comprehensive Income     4,000,000
        Miscellaneous Revenue                       4,000,000
C. Other Comprehensive Income     4,000,000
         Asset                                                 4,000,000 
D. Asset                                         4,000,000
          Other Comprehensive Income             4,000,000
E. None of these answer choices is correct.

 

87. The formats used to present the items that are included in Other Comprehensive Income include which of the following? 
A. A two-statement presentation that includes a balance sheet and a separate statement of comprehensive income.
B. A single statement that reconciles changes between the balance sheet and the statement of retained earnings.
C. A single statement of comprehensive income that shows all the changes in net assets. This statement includes both Net Income and Other Comprehensive Income.
D. A two-statement presentation that includes a statement of cash flows and a separate statement of comprehensive income.
E. None of these answer choices is correct.

 

88. According to the FASB’s conceptual framework, comprehensive income includes which of the following?

     Gross Profit                Operating Income 
A.   No                     No
B.   No                     Yes
C.   Yes                    Yes
D.   Yes                    No
E. None of these answer choices is correct.

 

89. Comprehensive income as defined by the FASB 
A. must be reported on the face of the income statement.
B. includes all changes in equity during a period except those resulting from investments by and distributions to owners.
C. is the net change in owners’ equity for the period.
D. means the same as net income.
E. None of these answer choices is correct.

 

90. All of the following is/are components of comprehensive income except 
A. foreign currency translation adjustment.
B. unrealized gains and losses on trading securities.
C. deferred gains and losses on derivative financial instruments.
D. change in the minimum pension liability.
E. All of these answer choices are components of comprehensive income.

 

 

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