Another Name for the Statement of Comprehensive Income Is

question 33

Multiple Choice

Another name for the statement of comprehensive income is:

• A)statement of financial position.
• B)balance sheet.
• C)statement of change in owners' equity.
• D)statement of financial performance.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, culminating in net profit or loss.

Fixed Assets

Physical assets with a useful life greater than one year, which are used in the operations of a business, such as machinery or buildings.

Net Cash Flow

The difference between the cash inflows and cash outflows in a business over a specified period.

Depreciation Expense

A non-cash expense recorded on the income statement, reflecting the gradual reduction of an asset's value over its useful life.