Which of the following is reported as other comprehensive income in accordance with PAS 1, Presentation of Financial Statement? Group of answer choices sale of inventory at more than cost changes in revaluation surplus impairment loss of depreciable asset loss on sale of machinery

Which of the following is reported as other comprehensive income in accordance with PAS 1, Presentation of Financial Statement? Group of answer choices sale of inventory at more than cost changes in revaluation surplus impairment loss of depreciable asset loss on sale of machinery

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

68.

Which of the following is reported as other comprehensive income in accordance with PAS 1, Presentation of Financial Statement?

Group of answer choices

sale of inventory at more than cost

changes in revaluation surplus

impairment loss of depreciable asset

loss on sale of machinery

Definition Video Definition Accounting method wherein the cost of a tangible asset is spread over the asset's useful life. Depreciation usually denotes how much of the asset's value has been used up and is usually considered an operating expense. Depreciation occurs through normal wear and tear, obsolescence, accidents, etc. Video

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