One of the Elements of Financial Statements Is Comprehensive Income

question 17

Multiple Choice

One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to

• A) revenues minus expenses plus gains minus losses.
• B) revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners.
• C) revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities.
• D) None of these answer choices are correct.

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Definitions:

Interdependence

The mutual reliance between two or more groups, persons, or systems, often found within organizational or ecological contexts.

Consciousness

The state of being aware of and able to think about one's own existence, sensations, thoughts, surroundings, and experiences.

Neoliberalism

A political-economic philosophy advocating for free markets, deregulation, and reduction in government spending in social services.

Inequality

The state of not being equal, especially in status, rights, and opportunities, manifesting in various societal, economic, and political contexts.