Accumulated Other Comprehensive Income Is Reported

question 101

Multiple Choice

Accumulated other comprehensive income is reported:

• A) In the balance sheet as an asset.
• B) In the balance sheet as a liability.
• C) In the balance sheet as a component of shareholders' equity.
• D) In the statement of comprehensive income.

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Definitions:

Guarantor

An individual or entity that agrees to be responsible for another's debt or obligations if the original party fails to meet their commitments.

Trust Deed

A legal document in real estate transactions where the title of a property is transferred to a trustee as security for a loan until the borrower repays the loan.

Security Device

A mechanism or tool designed to detect, prevent, or respond to potential harm, unauthorized access, or theft.

Right of Subrogation

A legal right that allows an insurer to pursue a third party that caused an insurance loss to the insured, aiming to recover the amount of the claim paid to the insured.