While no general principle describes the nature of items excluded from net income and included in Other Comprehensive Income, they tend to arise from remeasurements of assets and liabilities (often, remeasurements at fair value) and not from transactions. For example, IFRS permits but does not require firms to revalue certain noncurrent assets upward to reflect increases in fair value in excess
of acquisition cost. Under IFRS, such a revaluation remeasurement increases assets (because the firm now records an existing asset on the balance sheet at a larger number) and increases Other Comprehensive Income. These increases are accumulated in a(n) _____ account, Revaluation Surplus.
a. liability
b. shareholders' equity
c. revenue
d. asset
e. expense
B
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A(n) ________ is a partnership created with no fixed duration
A) partnership for a term B) partnership at will C) ordinary partnership D) limited partnership
In the workplace, you will need to communicate
A) With colleagues and customers. B) Within a company. C) Outside your company. D) Up to management and down to subordinates. E) All of the above.
Generally, a joint venture is a partnership created for one limited purpose
a. True b. False Indicate whether the statement is true or false
An opportunity cost of buying a home is interest paid on the mortgage
Indicate whether the statement is true or false