Reference no: EM131287082
1. Under U.S. GAAP, which of the following would be included in accumulated other comprehensive income as a component of stockholders' equity on the balance sheet? Assume no fair value election for reporting investments.
I. Unrealized fair value gains or losses on held-to-maturity investments
II. Foreign currency translation adjustments
III. Certain gains and losses on derivative financial instruments designated as fair value hedges.
a. I and III only.
b. II only.
c. I, II, and III.
d. III only.
2. Regarding a company's reporting of assets on the balance sheet, which of the following statements is correct?
a. The removal of any outside restriction on the use of the asset must be at least probable.
b. In certain circumstances, valuable resources which are likely to provide future economic benefits to the company (such as a brand name) may not be reported on the balance sheet if they are not reliably measurable.
c. The asset must have at least provided benefits in the past.
d. Acquisition of the asset must be at least probable.
3. During 2013, customers purchased gift cards from LatteBucks, all of which expire on December 31, 2015. At the end of 2014, some of the gift cards still have not been redeemed. How should the unredeemed gift cards be reported on LatteBucks's 2014 year-end financial statements?
a. As a prepaid asset on the balance sheet
b. As sales revenue on the income statement
c. As an expense on the income statement
d. As a current liability on the balance sheet
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