All OCI Items Must Eventually Be Recycled to the Income

question 27

True/False

All OCI items must eventually be recycled to the income statement.

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Definitions:

Cash in Hand

The amount of cash a company or individual possesses that is readily available for use.

Inventories

The complete list of items such as products, goods in production, or materials that a company holds, intended for sale or use in the production process.

Current Liabilities

Short-term financial obligations that are due within one fiscal year or the operating cycle of a business, whichever is longer.

Cash at Bank

The amount of liquid assets or cash that a company or individual has deposited in a banking institution.