Far 1 Flashcards
M1 (7 cards)
1
Q
How are gains and losses reported on income statement?
A
Net of (gain/loss) as apart of continuing operations not net of taxes
2
Q
How are Gains or losses reported as far as discontinued operations goes?
A
The loss on operations is reported in the year the loss occurred.
The sale is reported in the year the sale occurred net of operations/gain loss plus the sell gain/loss. Both are net of tax.
3
Q
What is the formular for other comprehensive income?
A
Comprehensive income = net income + other comprehensive income
4
Q
What is other comprehensive income?
A
Income not reported on the income statement that is not a change in equity from ownership activity
5
Q
Direct Currency Exchange
A
6
Q
Indirect Currency Exchange
A
7
Q
A
