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- Comprehensive income includes items not included in the computation of net income, such as foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. True FalseWhen preparing an income statement, which of the following items would most likely be classified as other comprehensive income? A. A foreign currency translation adjustment B. An unrealized gain on a security held for trading purposes C. A realized gain on a derivative contract not accounted for as a hedge D. None of the aboveChoose the correct. Which of the following operating segment disclosures is not required under current U.S. accounting guidelines?a. Liabilitiesb. Interest expensec. Intersegment salesd. Unusual items
- TRUE OR FALSE?In computing for the comprehensive income, the translation loss on foreign operation will be deducted from the net income.Which of the following is not a part of Other Comprehensive Income? Group of answer choices foreign currency translation adjustments gains on the sale of equipment unrealized gains on available-for-sale debt securities unrecognized pension costsWhat adjustments might be made due to exchange rate riskand political risk to the domestic cost of capital for a foreigninvestment?
- Which of the following statements is true for the translation process using the current rate method? Choose the correct.a. A translation adjustment can affect consolidated net income.b. Equipment is translated at the historical exchange rate in effect at the date of its purchase.c. A translation adjustment is created by the change in the relative value of a subsidiary’s monetary assets and monetary liabilities caused by exchange rate fluctuations.d. A translation adjustment is created by the change in the relative value of a subsidiary’s net assets caused by exchange rate fluctuations.Which of the following operating segment disclosures is not required under current U.S. accounting guidelines?a. Liabilitiesb. Interest expensec. Intersegment salesd. Unusual itemsIn your own words, briefly explain a 'qualifying asset' and how we report exchange rate differences relating to the acquisition of qualifying assets? Contrast this with the treatment for assets that are not qualifying assets
- How should exchange gains or losses resulting from foreign currency transactions be accounted for? Included as component of income from continuing operations for the period in which the rate changes. Included as component of other comprehensive income for the period in which the rate changes. Included in the statement of financial position as a deferred item. Included in net earnings for gains, but deferred for losses.With r IFRS egard to the correction of accounting errors, what is the difference between U.S. GAAP and IFRS?Do U.S. GAAP and IFRS differ in the criteria they use to determine whether a transfer of receivables is treated as a sale? Explain.
