Answered: some examples of items that would be…

some examples of items that would be adjusted directly against equity, rather than being included as part of profit or loss.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

some examples of items that would be adjusted directly against equity, rather than being
included as part of profit or loss.

Expert Solution

Step 1

The items included in other comprehensive incomes are not considered under profit or loss account and instead are directly adjusted in equity account.

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