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.
D
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The account Unrealized Gain (Loss) on Available-for-Sale Investments should be included on the
a. income statement as other revenue (expense) b. balance sheet as an adjustment to the asset account c. balance sheet as an adjustment to stockholders' equity d. statement of retained earnings
A test to determine merchantability based on unfamiliar objects found in food is known as the ________
A) foreign substance test B) consumer expectation test C) contamination test D) contagion test
On December 15, Duncan Services, Inc. collected revenue of $3,000 in advance from a new client, and agreed to provide services to the client for the period of December 15 through January 15 of the following year
Assume that the company records deferred revenues using the alternative treatment, and journalize the adjusting entry recorded on December 31. What will be an ideal response
Eleanor's Mittens, Inc., a merchandising company, wants to prepare the budgeted balance sheet for the next budget period. For this purpose, the amount of ending cash balance can be retrieved from the ________
A) capital expenditures budget B) budgeted funds flow statement C) cash budget D) sales budget