Which of the following is not an example of other comprehensive income? (2024)

Which of the following is not an example of other comprehensive income?

Final answer:

What is not included in other comprehensive income?

Comprehensive income excludes owner-caused changes in equity, such as the sale of stock or purchase of Treasury shares.

What is an example of other comprehensive income?

The most common examples of items included in OCI are the following: Unrealized Gains and Losses from Financial Instruments, e.g. Bonds, Derivatives, Hedges. Foreign Exchange (FX) Currency Adjustments. Unrealized Gains and Losses on Pension Plans, i.e. Employee Post-Retirement Plans.

What are the 4 components of other comprehensive income?

What Are the Components of Other Comprehensive Income? OCI consists of revenues, expenses, gains, and losses that are unrealized, and are excluded from net income.

Which of the following is not included in the statement of comprehensive income?

However, business interruption insurance proceeds are not explicitly mentioned as an item included in the statement of comprehensive income. ASC 220-30 provides requirements for recording proceeds from business interruption insurance but does not specify their inclusion in the statement of comprehensive income.

What is other comprehensive income quizlet?

Other Comprehensive Income measures the amounts of all gains and losses in a period that bypass the income statement but affect stockholders' equity. These amounts arise from such items as unrealized gains or losses on certain investments and unrealized gains and losses on certain hedging transactions.

Which of the following best describes the statement of comprehensive income?

Option (C) is the correct answer.

Comprehensive income can be defined as a variation in the net assets of a company from non-owner sources, so it is the change in equity during a period of transaction and other events and circ*mstances from only non-owner sources.

What does a statement of comprehensive income look like?

The statement of comprehensive income is made up of two parts: net income and comprehensive income. Other comprehensive income elements come after net income. This statement's bottom line represents comprehensive income rather than net income.

What other comprehensive income items will not be reclassified to profit or loss?

There are certain items that are not reclassified to profit or loss according to IFRS Standards. These include revaluation of property, plant and equipment (International Account Standard (IAS^®) 16), revaluation of intangible assets (IAS 38), and remeasurements of defined benefit plans (IAS 19).

What is the difference between income and other comprehensive income?

The net income is the result obtained by preparing an income statement. Whereas, other comprehensive income consists of all unrealized gains and losses on assets that are not reflected in the income statement. It is a more robust document that often is used by large corporations with investments in multiple countries.

Which of the following would not be included in the calculation of other comprehensive income under US GAAP?

The correct answer is B. Realized holding gains and losses on available-for-sale securities are not treated as 'other comprehensive income. ' Realized gains and losses are reported in the income statement and are reflected in net income.

What are the two types of comprehensive income?

What accumulated other comprehensive income represents?

Accumulated Other Comprehensive Income (AOCI) are special gains and losses that are listed as special items in the shareholder equity section of a company's balance sheet. The AOCI account is the designated space for unrealized profits or losses on items that are placed in the other comprehensive income category.

Is other comprehensive income an asset or liability?

As the gains and losses of OCI have not occurred yet, OCI is not reported with net income on the income statement. Instead, the figures appear in an account called “accumulated other comprehensive income” in the liabilities section of the balance sheet.

What is other income on the income statement?

Other income is income that does not come from a company's main business, such as interest. Examples of other income include income from interest, rent, and gains resulting from the sale of fixed assets. Companies present other income in a separate section, before income from operations.

Where is comprehensive income reported?

When preparing financial statements, it is important to realize that other comprehensive income cannot be reported on the income statement as dictated by accounting standards. Other comprehensive income is accumulated and then reported under shareholder's equity on the balance sheet.

What items are Recognised in the statement of profit or loss and other comprehensive income?

- the statement of profit or loss includes all realised gains and losses (e.g. net profit for the year), - the statement of comprehensive income would include both the realised and unrealised gains and losses (e.g. revaluation surplus).

Which of the following would be considered an element of comprehensive income?

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circ*mstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Which of the following is least likely to be included when calculating comprehensive income?

Which of the following is least likely to be included when calculating comprehensive income? Feedback: Comprehensive income includes all changes in equity except transactions with shareholders. Therefore, dividends paid to common shareholders are not included incomprehensive income.

What items can be reclassified to profit or loss in OCI?

Examples of items recognised in OCI that may be reclassified to profit or loss are foreign currency gains on the disposal of a foreign operation and realised gains or losses on cash flow hedges.

What is under comprehensive income?

A corporation's comprehensive income includes both net income and unrealized income. This unrealized income comes from nonowner sources. For example, it might relate to gains and losses from foreign currency transactions, or unrealized gains from hedge financial instruments.

What is the difference between other comprehensive income and other income?

The difference between 'other comprehensive income' (OCI) and 'other income' is that OCI generally accounts for unrealised gains and losses. Generally, small charities will not have any OCI. For medium and large charities, some examples of OCI include: revaluations on land and buildings (that the charity still holds)

What are the three items appearing under other income?

Which of the following items is included in accumulated other comprehensive income?

They include profits or losses related to foreign currency transactions, unrealized profits or losses that are yet to reach maturity, and costs related to operating a pension plan. After a profit or loss is realized, it is moved from the AOCI account into the net income section of the company's balance sheet.

Is other comprehensive income taxable?

In regards to taxes, it is permitted to report other comprehensive income after taxes, or one can report before taxes as long as a single income tax expense line item is included at the end of the statement. Conversely, this can also apply to a tax benefit.