One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to
A) revenues minus expenses plus gains minus losses.
B) revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners.
C) revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities.
D) None of these answer choices are correct.

Question

Quizplus · Accepted Answer

Comprehensive income includes all changes in equity during a period except those resulting from investments by owners and distributions to owners. None of the choices accurately reflect this definition, as they either omit or incorrectly include elements not part of comprehensive income.

One of the Elements of Financial Statements Is Comprehensive Income