Comprehensive Income Is Equal to the Net Income of a Company

question 134

True/False

Comprehensive income is equal to the net income of a company, excluding the effects of discontinued operations and extraordinary items.

---

Definitions:

Volume Variance

The difference between the expected volume of production and the actual volume, which impacts the allocation of fixed costs in some costing systems.

Direct Labor Rate Variance

The difference between the actual costs of labor and the expected (or standard) costs, based on the hourly wage rates times the number of hours worked.

Direct Labor Time Variance

The difference between the actual hours worked by employees at the standard rate and the expected hours at the standard rate, for manufacturing a product.

Total Cost Variance

The difference between the budgeted or standard cost of production and the actual cost incurred.