33. All of the following statements regarding other comprehensive income are true except: Select one: a....

33. All of the following statements regarding other comprehensive income are true except:

Select one:

a. Other comprehensive income includes unrealized gains and losses on available-for-sale securities

b. Other comprehensive income is added or subtracted to net income to determine comprehensive income

c. Other comprehensive income includes foreign currency adjustments

d. A Statement of Comprehensive Income can be presented separate from the Income Statement

e. Other comprehensive income is part of the Statement of Retained Earnings

36. A cash equivalent is:

Select one:

a. Generally within 3 years of its maturity date

b. Close to its maturity date but its market value may still be affected by interest rate changes

c. Another name for cash

d. An investment readily convertible to a known amount of cash

e. Is not considered highly liquid

Solutions

Expert Solution

33. Answer is b)

Other comprehensive income is not added or subtracted to net income.

36. Answer is d)

Cash equivalent is an investment that is readily convertible to a known amount of cash.

ekkarill92 answered 1 year ago

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