1.Which of the following would be most likely to be included in other comprehensive income?

A fair value hedge exchange gain or loss.

An unrealized gain on translating the financial statements of an integral foreign operation.

An unrealized gain on translating the financial statements of a self sustaining foreign operation.

An unrealized gain on a held for-trading investment.

2.In which fund would the Income earned on endowment and restricted funds be recorded?

The capital fund

The general fund

The Net Assets fund

The endowment fund

3.

Huron Retirement Home is a new not-for-profit organization. Its annual revenues are projected to be approximately $200,000. The organization purchased equipment and furnishings for $70,000. It paid $20,000 cash and borrowed the remaining $50,000. Which of the following ways of accounting for the purchase would not be allowed?

As a $70.000 asset that is depreciated

As a $20.000 expense and a $50,000 asset that is not amortized

None of these

As a $70,000 expense

4.

On January 1, 2019. Ariel Resources Ltd., invested $150,000 for 15% of the ordinary shares of Arm Holdings plc and classified as FVTPL Ariel accounts for this long-term investment using the cost method. Arm reported a net income of $160,000 and declared a dividend of $150,000 during 2019. At the end of 2019, the recoverable amount of Ariel's investment in Arm was estimated to be $145,000. How much income should be reported by Ariel in 2019 related to its investment in Arm?

$7.500

$17.500

$17.000

none of the above