Which of the following should be recognised in other comprehensive income as an unrealised gain?(1) Interest earned but not yet credited(2) Rental income received for a future period(3) An increase in the value of a non-current asset(4) A gain on the sale of shares held in a quoted company
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4 .The draft 2015 statement of financial position of Vale reported retained earnings of USD1,644,900 and net assets of USD6,957,300. It was then discovered that several items in opening inventory had been valued at selling price. This resulted in a USD300,000 overstatement of opening inventory. The closing inventory had been correctly valued in the draft 2015 financial statements.What are the correct figures for retained profit and net assets in the statement of financial position for 2015?
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7 .The accountant of Verse is preparing the company’s draft financial statements and must decide how the following items should be reported:(1) Gain on revaluation of property(2) Interest charge on long-term borrowingsWhich items should be included in the calculation of total comprehensive income for the year?
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