F1 -M7

A COMPANY REPORTED THE FOLLOWING INFORMATION FOR YEAR 1: NET INCOME 34,000 OWNER CONTRIBUTION 9,000 DEFERRED GAIN ON A CASH-FLOW HEDGE 8,000 FOREIGN CURRENCY TRANSLATION GAIN 2,000 PRIOR SERVICE COST NOT RECOGNIXED IN NET PERIOD PENSION COST 5,000 WHAT IS THE AMOUNT OF OTHER COMPREHENSIVE INCOME FOR YEAR 1? -5.000 -14,000 -15,000 -43,000

5,000 8+2-5= 5

WHICH OF THE FOLLOWING STATEMENTS IS CORRECT REGARDING REPORTING COMPREHENSIVE INCOME? -ACCUMULATED OTHER COMPREHENSIVE INCOME IS REPORTED IN THE STOCKHOLDERS' EQUITY SECTION OF THE BS -A SEPARATE STATEMENT OF COMPREHENSIVE INCOME IS REQUIRED -COMPREHENSIVE INCOME MUST INCLUDE ALL CHANGES IN STOCKHOLDERS' EQUITY FOR THE PERIOD -COMPREHENSIVE INCOME IS REPORTED IN THE YEAR-END STATEMENTS BUT NOT THE INTERIM STATEMENTS

ACCUMULATED OTHER COMPREHENSIVE INCOME IS REPORTED IN THE STOCKHOLDERS' EQUITY SECTION OF THE BS

WHICH OF THE FOLLOWING IS INCLUDED IN OTHER COMPREHENSIVE INCOME? - UNREALIZED HOLDING GAINS AND LOSSES ON TRADING SECURITIES -UNREALIZED HOLDINGS GAINS AND LOSSES THAT RESULT FROM A DEBT SECURITY BEING TRANSFERRED INTO THE HELD-TO-MATURITY CATEGORY FROM THE AVAILABLE-FOR-SALE CATEGORY -FOREIGN CURRENCY TRANSLATION ADJUSTMENTS -THE DIFFERENCE BETWEEN THE ACCUMULATED BENEFIT OBLIGATION AND THE FAIR VALUE OF PENSION PLAN ASSETS

FOREIGN CURRENCY TRANSLATION ADJUSTMENTS -MAIN COMPONENTS ARE P U F I

ACCUMULATED OCI IS REPORTED IN WHICH OF THE FOLLOWING FINANCIAL STATEMENTS? -IS -STATEMENT OF COMPREHENSIVE INCOME -STATEMENT OF CASH FLOWS -STATEMENT OF FINANCIAL POSITION

STATEMENT OF FINANCIAL POSITION ACCUMULATED OCI IS A BS ACCOUNT AND IS REPORTED IN THE STATEMENT OF FINANCIAL POSITION

ACCORDING TO FASB CONCEPTUAL FRAMEWORK, WHICH OF THE FOLLOWING WOULD CAUSE EARNINGS TO DIFFER FROM COMPREHENSIVE INCOME? -DIVIDENDS DECLARED BUT NOT PAID -REALIZED GAIN FROM SALE OF HELD-TO-MATURITY DEBT SECURITY -UNREALIZED HOLDING LOSS FROM AVAILABLE-FOR-SALE DEBT SECURITIES -UNREALIZED HOLDING GAIN FROM TRADING DEBT SECURITIES

UNREALIZED HOLDING LOSS FROM AVAILABLE-FOR-SALE DEBT SECURITIES THIS IS A COMPONENT OF OCI, WHICH IS NO INCLUDED IN NET INCOME AND WOULD THUS CAUSE EARNINGS TO DIFFER FROM COMPREHENSIVE INCOME