Exam 17: The Statement of Comprehensive Income and Statement of Changes in E

An income statement that includes the following items: Revenue Cost of Sales Selling Expenses Financial Expenses Would have been prepared using the:

Where a change in accounting estimates occurs, the following should be disclosed.

The choice of classification between nature and function of expenses from ordinary activities depends on:

According to AASB 101, the income statement provides a total profit figure to which opening retained earnings is added and from which dividends are deducteD.

All disclosure requirements that relate to an entity's profit or loss are included in AASB 101:

The choice between reporting expenses by nature or by function is extremely important, as different net profit figures are derived depending upon the choice made:

AASB 101 permits an entity to present all items of income and expense recognised in a period to be presented in either the statement of comprehensive income or the income statement.

Following are the items of income and expense recognised during the period by Gordon Field LtD. Which of the following combinations identify all items permitted in AASB 101 "Presentation of Financial Statements" to be presented under other comprehensive income?

Extraordinary items will be included in the income statement:

Profit is a measure of financial performance and therefore may not truly reflect the success or otherwise of an organisation:

AASB 101 requires profit or loss and the total comprehensive income for the period reported on the face of the statement of comprehensive income to be disaggregated between the non-controlling interest and the owners of the parent.

Paragraph 87 of AASB 101 lists some circumstances that may give rise to separate disclosure of items of income and expense. They include:

Total comprehensive income for the year is profit for the year plus comprehensive income.

AASB 118 'Revenue' requires a number of disclosures, including information about:

Examples of classification of expenses by their nature are:

AASB 2 lists a number of factors that need to be considered when valuing an executive share option. They include:

Which of the following items does not give rise to a reclassification adjustment from components of other comprehensive income to profit and loss?

Reports in the financial press that a particular company reported healthy profits despite increased wage costs are indicative of:

Which of the following statements is not in accordance with AASB 101 "Presentation of Financial Statements" with respect to the statement of comprehensive income?

When items of income and expense are material, and their nature and amount are separately disclosed, this could indicate the existence of: