Comprehensive Income Can Be Displayed to Users of Financial Statements

question 110

Multiple Choice

Comprehensive income can be displayed to users of financial statements in which of the following way(s) :

• A) As a second income statement.
• B) As a single income statement that includes both the components of net income and the components of other comprehensive income.
• C) As an element in the changes in stockholders' equity displayed as a column in the statement of stockholders' equity.
• D) Either as a second income statement, as a single income statement that includes both the components of net income and the components of other comprehensive income, or as an element in the changes in stockholders' equity displayed as a column in the statement of stockholders' equity.

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Definitions:

Ordinary Consumer

A typical or average customer who purchases goods and services for personal use.

Fair Ad

An advertisement that is honest, does not mislead, and provides a truthful representation of the product or service offered.

Benefit To Consumers

The advantage or positive outcome that consumers receive from a product, service, or regulatory action, which may include cost savings, improved safety, or enhanced quality.

Competition Outweighs

The situation in which the benefits gained from competitive practices exceed any negative consequences.