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IS, Statement CF

Income Statement, Comprehensive Income, Statement of CF

QuestionAnswer
income statement summarizes profit-generating activities that occurred during the reporting period
other comprehensive income (OCI) gains/losses excluded from income statement but included in comprehensive income
statement of cash flows provides info about cash receipts and disbursements of an enterprise that occurred during a period
income from continuing operations revenues, expenses (IT), gains, losses excluding discontinued ops and extraordinary items
single-step IS groups all revenue and gains together and all expenses and losses together
multiple-step IS includes a number of intermediate subtotals before arriving at income from continuing ops
earnings quality ability of reported earnings to predict a company's future earnings
restructuring costs costs associated with shutdown or relocation of facilities or downsizing of operations
pro forma earnings management's assessment of permanent earnings
intraperiod tax allocation allocated income tax expense with each major component of income that causes it
extraordinary items unusual in nature and infrequent in occurrence
EPS shows the amount of income earned by a company expressed on a per share basis
comprehensive income total change in equity for a reporting period other than from transactions with owners
operating activities CFs related to the transactions entering into the determination of net operating income
investing activities involve acquisition and sale of 1) LT assets used in the business, 2) non-operating investment assets
financing activities CFs involving external financing
Created by: cc4661