Comprehensive Income Includes All Except

question 187

Multiple Choice

Comprehensive income includes all except:

• A)Revenues and expenses reported in the income statement.
• B)Dividends paid to shareholders.
• C)Unrealized gains and losses on long-term available-for-sale securities.
• D)All changes in equity for a period except those due to investments and distributions to owners.
• E)Gains and losses reported in the income statement.

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Definitions:

Major Expenditure

Large financial spending, often on significant items or services, that represents a considerable portion of an entity's budget.

Sales Tax

A tax imposed by governments on the sale of goods and services, added to the retail price.

Tax Freedom Day

The day of the year when a nation as a whole has theoretically earned enough income to pay its taxes for the year.

Property Tax

A tax on the value of property (capital, land, stocks and bonds, and other assets) owned by firms and households.