Which Statement Is Correct About the Statement of Comprehensive Income

question 26

Multiple Choice

Which statement is correct about the statement of comprehensive income?

• A)Entities using the nature format for expenses must provide additional disclosure.
• B)The single-step format provides more information than the multiple-step format.
• C)The multiple-step format must be used in financial reporting.
• D)Entities using the function format for expenses must provide additional disclosure.

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Definitions:

United States

A North American nation comprised of 50 states, one federal district, five significant autonomous territories, and numerous holdings.

Decreased

Reduced in quantity, size, or intensity.

Preventive Medications

Drugs used to prevent the onset of diseases or conditions before they occur.

Inhalers

Medical devices used to deliver medication in the form of a mist inhaled into the lungs, commonly used for treating respiratory conditions like asthma.