Which of the following elements of financial statements is not a component of comprehensive income? (2024)

Which of the following elements of financial statements is not a component of comprehensive income?

Distribution to owners is a dividend or drawings, which is not recorded as part of comprehensive 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 are the components of the statement of comprehensive income?

Comprehensive income includes net income and OCI. OCI consists of revenues, expenses, gains, and losses to be included in comprehensive income but excluded from net income.

Which item is not a component of other comprehensive income?

Treasury stock is deducted from stockholders' equity and not a component of other comprehensive income.

Which of the following is not a component of financial statements?

Trial balance is not part of financial statements.

Which financial statement is comprehensive income on?

Public companies report comprehensive income on their balance sheet as a separate line item under stockholders' equity, while private companies and nonprofit organizations include it in net assets.

What does comprehensive income include all except *?

Comprehensive income is a metric of a company's financial performance that takes into account all changes in equity during a time period, with the exception of those brought on by owner investments and distributions to owners.

What are the components of other comprehensive income that are not subsequently 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).

Which of the following is not a component of the balance sheet?

Expenses are not a part of a Company`s balance sheet.

Which of the following are basic components of financial statements except?

Answer and Explanation: Correct answer : Option (e) Statement of Cash Flows is the correct answer because the basic financial statements include Income Statement, Statement of Retained Earnings, Balance Sheet, and Statement of Cash Flows, but does not include the Statement of Changes in Assets.

Which is not one of the 4 types of financial statements?

The audit report is not one of the four basic financial statements.

Is consolidated statements of comprehensive income the income statement?

Also known as the consolidated statement of comprehensive income, the consolidated income statement combines the revenues, expenses, gains, and losses of the parent company and its subsidiaries.

What is the comprehensive income statement by function?

An income statement by function is the one in which expenses are disclosed according to different functions they are spent on (cost of goods sold, selling, administrative, etc.)

Is statement of comprehensive income the same as profit and loss?

comprehensive income for the period, being the total of profit or loss and other comprehensive income. If an entity chooses to present a separate statement of profit or loss, it does not present the profit or loss section in the statement presenting comprehensive income (IAS 1:81A).

Which of the following is included in 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.

What are 5 elements of financial statements?

The major elements of the financial statements (i.e., assets, liabilities, fund balance/net assets, revenues, expenditures, and expenses) are discussed below, including the proper accounting treatments and disclosure requirements.

Which of the following is a component of a balance sheet?

A business Balance Sheet has 3 components: assets, liabilities, and net worth or equity. The Balance Sheet is like a scale.

Which of the following is the main components of a balance sheet?

Key elements & components of a balance sheet

A balance sheet consists of two main headings: assets and liabilities. Let us take a detailed look at these components.

Which of the following is not a part of the balance sheet audit?

Answer. Explanation: Balance sheet audit does not includes routine checks.

Which is not a basic financial statement?

Answer and Explanation:

A revenue statement is not a basic financial statement.

What are the four components of financial statements?

Financial statements can be divided into four categories: balance sheets, income statements, cash flow statements, and equity statements.

Which of the following is included as a component of financial statements?

The three main types of financial statements are the balance sheet, the income statement, and the cash flow statement. These three statements together show the assets and liabilities of a business, its revenues, and costs, as well as its cash flows from operating, investing, and financing activities.

Which is not one of the three main financial statements?

Experts have been vetted by Chegg as specialists in this subject. The statement of retained earnings is NOT one of the three primary financial statements.

Which of the following is not a core financial statement?

Answer. The Trial Balance is not a core financial statement; the core financial statements include the Balance Sheet, Income Statement, and Cash Flow Statement. The item in the list that is not a core financial statement is c. The Trial Balance.

What are the three main types of financial statements?

The income statement, balance sheet, and statement of cash flows are required financial statements. These three statements are informative tools that traders can use to analyze a company's financial strength and provide a quick picture of a company's financial health and underlying value.