A __________ standardizes items on the statement of comprehensive income and statement of ﬁnancial position relative to a point in time.
A) Statement of standardization.
B) Statement of changes in ﬁnancial position.
C) Common-base year statement.
D) Common-size statement.
E) Tax reconciliation statement.

Question

Quizplus · Accepted Answer

A common-base year statement standardizes items on the financial statements relative to a point in time by using a specific year as a base year and expressing all subsequent years' financial data in relation to that base year. This allows for easier comparison and analysis of financial performance over time.

A __________ Standardizes Items on the Statement of Comprehensive Income