Choose the letter of the correct answers. The following statements are correct, except:Other comprehensive income comprises items of incomeand expense, excluding reclassification adjustments, that arerecognized in profit or loss.а.b. Omissions or misstatement of items are material if they couldindividually or collectively influence the economic decisions ofusers.Assessing whether an omission or misstatement could influenceeconomic decisions of users, and so become material, requiresC.consideration of the characteristics of those users.d.Users are assumed to have a reasonable knowledge of businessand economic activities and accounting and a willingness to studythe information with reasonable diligence.The components of other comprehensive incomeinclude changes in revaluation surplus.8.Statement 1:The components of other comprehensive incomeinclude gains and losses arising from translating thefinancial statements of a foreign operation.Statement 2:a. Only the first statement is correct.b. Only the second statement is correct.с.Both statements are correct.d. Neither of the statements is correct.7.

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Answered: 7. The following statements are…

7. The following statements are correct, except: Other comprehensive income comprises items of income and expense, excluding reclassification adjustments, that are recognized in profit or loss. a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Choose the letter of the correct answers.

The following statements are correct, except:
Other comprehensive income comprises items of income
and expense, excluding reclassification adjustments, that are
recognized in profit or loss.
а.
b. Omissions or misstatement of items are material if they could
individually or collectively influence the economic decisions of
users.
Assessing whether an omission or misstatement could influence
economic decisions of users, and so become material, requires
C.
consideration of the characteristics of those users.
d.
Users are assumed to have a reasonable knowledge of business
and economic activities and accounting and a willingness to study
the information with reasonable diligence.
The components of other comprehensive income
include changes in revaluation surplus.
8.
Statement 1:
The components of other comprehensive income
include gains and losses arising from translating the
financial statements of a foreign operation.
Statement 2:
a. Only the first statement is correct.
b. Only the second statement is correct.
с.
Both statements are correct.
d. Neither of the statements is correct.
7.

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