Management and Organizational Studies 3360A/B Study Guide - Midterm Guide: Moving Average, Finished Good, Credit Risk

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 3360A/B
• Professor: Stacey Hann

Document Summary

Comprehensive income= net income + other comprehensive income. **presented on the income statement net of tax** Discontinued operations- components that have been disposed of or are classified as for sale including: major line of business or geographical area, subsidiary acquired for resale. Once an asset held for sale is written down subsequent gains can only be recognized up to the amount of original losses. Under aspe, assets held for sale retain their original classification (ie current/noncurrent assets) Under ifrs, assets held for sale are classified as current assets. Unusual gains or losses: gains or losses that occur due to something abnormal (ie loss on property due to an earthquake. ) These are presented as income from continuing operations. Two ways of presenting your income statement: single step. Only two main groupings are used: revenues and expenses. Expenses and losses are deducted from revenues and gains to get net income: multi-step.