Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

According to the professor the answer is not la D Which of the following statements is not true? a. The comprehensive income is defined as

According to the professor the answer is not la D

Which of the following statements is not true?

a.

The comprehensive income is defined as a "change in equity (net assets) of a business for a period.

b.

The comprehensive income should be reported only on income statement below the net income figure.

c.

Under US GAAP, the comprehensive income is required to be reported because income statement cannot catch all wealth change for the year

d.

Comprehensive income is a concept based on capital maintenance concept

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp

7th Edition

0324658052, 978-0324658057

More Books

Students also viewed these Accounting questions

Question

In Problems 8596, simplify each expression. 3 6 3 4

Answered: 1 week ago

Question

Detailed note on the contributions of F.W.Taylor

Answered: 1 week ago

Question

What is the status (prevalence) of unions today?

Answered: 1 week ago