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:

James-Lange Theory

A theory of emotion suggesting that emotions occur as a result of physiological reactions to events, where the emotional experience is secondary to the physical reaction.

Bodily Changes

Physical alterations or developments in the body that occur due to growth, aging, or health conditions.

Carroll Izard

A psychologist known for his contributions to the understanding of emotions and their development in humans, particularly in children.

Basic Emotion

Fundamental emotions that are universal across human cultures, such as happiness, sadness, fear, disgust, surprise, and anger.