USGAAP and IFRS Require Firms to Disclose Unrealized Gains and Losses

question 38

Multiple Choice

U.S.GAAP and IFRS require firms to disclose unrealized gains and losses that historically have bypassed the income statement in a category called _____.

• A)net income
• B)gross income
• C)other comprehensive income
• D)accumulated other comprehensive income
• E)cash flows from operations

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Definitions:

Specific Details

Particular facts or information that are clearly defined and distinct from general statements.

Brainstorming

A creative group activity aimed at generating a large number of ideas or solutions for a specific problem.

Research Technique

A systematic method employed to gather, analyze, and interpret data as part of a research process.

Topic Sentence

A sentence that expresses the main idea of the paragraph in which it occurs.