CPA FAR Ch1

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Anonymous
ID:
21906
Filename:
CPA FAR Ch1
Updated:
2010-06-03 10:37:37
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CPA FAR Ch1
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CPA FAR Ch1
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  1. What is the formula for comprehensive income?
    Net Income+ OCI
  2. This is a component of equity that includes the total of OCI for the period and previous periods?
    accumulated OCI
  3. Where is the amount of income tax expense or benefit allocated to each component of OCI disclosed?
    either on the face of the statement or in the notes to the financials
  4. What is other comprehensive income comprised of?
    PUFE- Pension changes in funded status- Unrealized gains and losses- Foreign currency items- Effective portion of cash flow hedges
  5. What does net income include?
    - income from continuing ops- discontinued ops- extraordinary items
  6. This is the change in equity of a business enterprise during a period from transactions and other events and circumstances from nonowner sources?
    comprehensive income
  7. How do you calculate net unrealized holding gain using the reclassification adjustment?
    Unrealized holding gains arising during period- Reclassification adjustments for gain included in net income
  8. What 3 formats must be used to present comprehensive income?
    - below total for net income in a statement that reports results of operations- in a separate statement of comprehensive income that begins w/ net income- in a statement of changes in equity
  9. This is required as part of the statement of owners' equity?
    the separate presentation of accumulated OCI
  10. Where may the accumulated balances by component of OCI be shown?
    • - on balance sheet
    • - in statement of changes in equity
    • - in notes to financials
  11. How do you calculate accumulated OCI?
    beginning balance + OCI
  12. What is the order format for OCI as a component within the statement of owner's equity?
    • - total
    • - comprehensive income (optional)
    • - retained earnings
    • - accumulated OCI (required)
    • - common stock
  13. This includes those items in comprehensive income that are excluded from net income?
    OCI

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