Statement of Comprehensive Income

Question 1

What are the two ways of disclosing comprehensive income?

Answer 1

• Single Statement of Comprehensive Income

- Two statements

Question 2

What two items are not included in comprehensive income?

Answer 2

• Retrospective effects of changes in accounting principle

- Prior period adjustments

Question 3

How is Accumulated Other Comprehensive Income (AOCI) reported?

Answer 3

-Separate section in balance sheet under Owner’s Equity with each individual component disclosed here or in the footnotes

Question 4

Are Trading Securities = Available for Sale Securities?

Answer 4

-NO