Comprehensive Income Includes All Changes in Equity During a Period

question 64

Multiple Choice

Comprehensive income includes all changes in equity during a period except

• A) gains and losses from discontinued operations
• B) unrealized gains and losses on available for sale securities
• C) gains and losses from irregular items.
• D) those resulting from investments by owners and distributions to owners

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Definitions:

Residual Income

The income that remains after all required costs of capital and operating expenses have been paid.

Missing Items

Refers to items that are unaccounted for due to error, theft, or misplacement, impacting inventory counts and financial statements.

Residual Income

The amount of income that an entity has after all personal debts and expenses, including the cost of capital, have been paid.

Acceptable Return

The minimum profit or benefit expected by an investor for the risk taken on an investment.