Both USGAAP and IFRS Require the Presentation of an Income Statement

question 61

Multiple Choice

Both U.S.GAAP and IFRS require the presentation of an income statement and the presentation of the items of Other Comprehensive Income.U.S.GAAP permits the following reporting format(s) except for:

• A)a single statement of comprehensive income that shows all the changes in net assets except from transactions with owners.
• B)a two-statement presentation that includes an income statement and a separate statement of comprehensive income.
• C)a separate display of the items comprising Other Comprehensive Income within a statement of changes in shareholders' equity.
• D)a separate display of the items comprising Other Comprehensive Income within a statement of retained earnings.
• E)All of the above are acceptable reporting formats.

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Definitions:

Unconditional Positive Regard

An attitude of total acceptance and support towards a person regardless of what they say or do, particularly used in client-centered therapy.

Conditional Positive Regard

An attitude of acceptance and love towards others that is contingent upon their behavior meeting certain conditions or standards.

Psychoanalysis

A therapeutic approach and theory of psychopathology, founded by Sigmund Freud, focusing on unconscious processes and repressed memories.

Behaviorism

A theoretical approach in psychology that prioritizes the study of observable behavior over internal mental processes, emphasizing the effects of environment on behavior.