True/False An entity presenting a single statement of comprehensive income shall present a statement of changes in equity. An entity presenting a separate income statement and a separate statement of comprehensive income shall present a statement of changes in equity. A statement of changes in equity is required to be presented as a primary statement showing total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests

True/False An entity presenting a single statement of comprehensive income shall present a statement of changes in equity. An entity presenting a separate income statement and a separate statement of comprehensive income shall present a statement of changes in equity. A statement of changes in equity is required to be presented as a primary statement showing total comprehensive income for the period, showing separately the total amounts attributable to owners of the parent and to non-controlling interests

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 1DQ

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1. Which statement is incorrect regarding presentation of statement of profit or loss and other comprehensive income?a. An entity may use the title 'statement of comprehensive income' instead of 'statement of profit or loss and other comprehensive income'.b. An entity may present the profit or loss section in a separate statement of profit or loss.c. If presented separately, the statement of profit or loss shall immediately precede the statementpresenting comprehensive income, which shallbegin with profit or loss.d. An entity may present a single statement of profit or loss and other comprehensive income, withprofit or loss and other comprehensive incomepresented in one section. 2. The statement of profit or loss and other comprehensive income shall presenta. Profit or lossb. Total other comprehensive incomec. Comprehensive income for the period, being the total of profit or loss…
The statement of shareholders' equity reports the effects from the recognition or valuation of certain asset or liability transactions that change Accumulated Other Comprehensive Income. True False
Which of the following statements is incorrect regarding provisions of PAS 1? a. An entity is required t present separate sections of profit or loss and other comprehensive income b. Presenting an income statement or statement of profit or loss in addition to a statement of other comprehensive income is permitted when an entity elects to use "two-statement" presentation c. Presenting an income statement or statement of profit or loss alone without a statement of other comprehensive income items is allowed d. Presenting comprehensive income as a note disclosure only is prohibited
In the statement of changes in equity, the effect of the retrospective application of a change in accounting policy is presented Separately for the total amount attributable to owners of the parent and the non-controlling interest Separately for each component of equity In aggregate for total equity and set separately for the total amount attributable to owners of the parent and non-controlling interest In aggregate for total equity
(TCO D) How is a noncontrolling interest in the net income of an entity reported in the income statement?
Any gain or loss on the restatement of non-monetary items is included: In the profit or loss, without separate disclosure. O In the profit or loss, with separate disclosure. In the other comprehensive income. As part of the equity section in the balance sheet.
Analyse the similarities and differences between the accounting treatment for Parent's assets and liabilities and Subsidy’s assets and liabilities in the individual financial statements versus the consolidated financial statements.
Which of the following is notan acceptable way of displaying the components of other comprehensive income under IFRS? a. Within the statement of retained earnings. b. Second income statement. c. Combined statement of comprehensive income. d. All of these choices are acceptable.
Which of the following is not an acceptable way of displaying the components of other comprehensive income under IFRS?(a) Within the statement of retained earnings.(b) Second income statement.(c) Combined statement of comprehensive income.(d) All of these choices are acceptable.
How is the investor’s share of gross profit on intra-entity sales calculated? Under the equity method, how does the deferral of gross profit affect the recognition of equity income?
Which statement is incorrect? A. The FUNCTIONAL Income Statement classifies expenses into cost of sales, selling expenses and general administrative expenses, among others. B. Income encompasses both revenues and gains. Revenues arise in the ordinary course of business activities while gains are not. C. Expenses encompasses both expenses and losses. Losses usually comprise the majority amount of deductible expenses to arrive at taxable income. D. The statement of comprehensive income encompasses all income and expenses, whether they are recognized in profit or loss determination or recognized directly in equity. E. none of the above
ANSWER ASAP! Multiple Choice: Write on the space provided the letter of your choice. 1. Under this presentation method, expenses are presented in the statement of comprehensive income without distinctions as to their functions within the entity. a. Nature of expense method b. Function of expense method c. Single-statement presentation d. Two-statement presentation 2. The amount of profit or loss appears in which of the following financial statements? a. Statement of Financial Position b. Statement of comprehensive income c. Statement of changes in equity d. B and C 3. In the statement of comprehensive income showing expenses according to their function, which of the following is included in the line item "Administrative expenses"? a. Salaries of sales personnel b. Cost of sales c. Freight-out d. Legal and accounting fees 4. Which of the following items is likely to be presented in the statement of comprehensive income of a merchandising business but not of a service business? a.…