What Items Should Be Included in Comprehensive Income but Not

question 1

Multiple Choice

What items should be included in comprehensive income but not in net income?

• A)net income
• B)foreign currency translations
• C)unrealized gains on investments
• D)all of the above should be included

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Definitions:

Net Book Value

The net value of an asset after accounting for depreciation or amortization.

Salvage Value

The estimated resale value of an asset at the end of its useful life, often used in depreciation calculations.

Scrap Value

The anticipated value of an asset when it reaches the end of its functional lifespan, commonly utilized in figuring out depreciation.

Units-Of-Activity Method

A method of depreciation that provides for depreciation expense based on each unit of activity of a fixed asset.