Income Statement Transaction Classification Flashcards Preview

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Flashcards in Income Statement Transaction Classification Deck (19):
1

Gain on disposal of plant asset

Income from Continuous operations

2

Unearned Revenue

No income statement impact

3

Cumulative effect of change from LIFO to FIFO

Owner's Equity

4

Unrealized loss/gain on investment in trading securities

IFCO

5

Realized gain on investment in securities AFS

IFCO

6

Unrealized loss on investment in securities AFS

Other Comprehensive Income (OCI)

7

Cumulative effect of change from FIFO to LIFO

Owner's Equity

8

Effect of change in estimate of useful life for a plant asset

IFCO

9

Estimated disposal loss on discontinued component for which operations and cash flows can be distinguished from the rest of the entity for operation and financial reporting purposes

Income other than from IFCO

10

Deferred tax liabilty

no Income Statement Impact

11

Increase in unrealized pension cost

OCI

12

Restructuring charge

IFCO

13

Income Tax Expense

IFCO

14

Loss from effect of new regulation or law

IFCO

15

Increase in income tax due to extraordinary gain

Income other than IFCO

16

Stock dividend disributed

Owner's Equity

17

Accumulated OCI

Owner's Equity

18

Dividends received on investment in securities AFS

IFCO

19

Dividends received on equity method investment

No impact on Income Statement