The Term "Comprehensive Income" as Defined by the FASB

question 24

Multiple Choice

The term "comprehensive income" as defined by the FASB

• A) must be reported on the face of the income statement.
• B) includes all changes in equity during a period except those resulting from investments by and distributions to owners.
• C) is the net change in owners' equity for the period.
• D) is synonymous with the term "net income."

---

Definitions:

Herding People

Communities or societies whose primary economic activity involves the raising and herding of livestock.

Hinduism

A major world religion originating on the Indian subcontinent and comprising several and varied systems of philosophy, belief, and ritual.

Buddhism

A religious and philosophical system founded by Siddhartha Gautama ("the Buddha") in the 5th century BCE, centering on the pursuit of enlightenment and liberation from suffering.

Steatite Seals

Small carved objects, often from the Indus Valley civilization, made of soft stone (steatite) and used for stamping on clay or sealing documents.