Special Items Reported as Part of Comprehensive Income,but Not Included

question 159

Multiple Choice

Special items reported as part of comprehensive income,but not included in net income,might include:

• A)gains or losses on foreign currency exchanges.
• B)interest expense.
• C)income and losses from discontinued operations.
• D)income tax expense.

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Definitions:

Retained Earnings

Profits that a corporation keeps.

Reinvestment

The process of using the proceeds from an investment to purchase additional assets or securities in order to potentially increase wealth.

Self-Dealing

Any instance in which directors or officers make decisions that violate their corporate duty of loyalty.

Duty of Loyalty

An agent’s obligation to act in the interest of the principal.