Which Statement Is Correct Regarding Other Comprehensive Income (OCI)

question 74

Multiple Choice

Which statement is correct regarding other comprehensive income (OCI) ?

• A)Private companies using ASPE must report OCI.
• B)OCI is profit from regular operations before income tax.
• C)OCI includes certain adjustments made to reflect some assets at their fair value.
• D)Public companies reporting under IFRS do not have to report OCI.

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Definitions:

Variable Cost

Costs that change in proportion to the level of activity or production volume.

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Sculptures made out of mud or clay, often used in various cultures for artistic or ceremonial purposes.

Workers

Individuals engaged in any form of economic activity to earn a living, including both paid and unpaid efforts.

Diseconomies of Scale

The phenomenon where, as a firm or industry grows beyond a certain point, per unit costs start increasing due to inefficiencies.