The Disclosure That Must Be Included in a Statement of Comprehensive

question 20

Multiple Choice

The disclosure that must be included in a statement of comprehensive income prepared for a company which is reporting to external parties under the accounting standards is:

• A) profit.
• B) comparative figures for the prior year.
• C) income tax expense.
• D) all of the above.

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Definitions:

Fixed Expenses

Consistent costs that do not change in total over a short period, regardless of the level of production or sales.

Accumulated Depreciation

Accumulated depreciation represents the total amount of depreciation expense that has been recorded against a fixed asset over its useful life.

Operating Costs

Expenses associated with the day-to-day functionalities of a business, including costs for materials, labor, and overhead.

Scrap Value

The estimated residual value of an asset at the end of its useful life.