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.

Question

Quizplus · Accepted Answer

The statement of comprehensive income is also known as the statement of financial performance as it provides information on the financial performance of an entity over a specific period of time, including revenues, expenses, gains, and losses. The statement of financial position (B) and statement of change in owners' equity (C) are different statements that provide information on an entity's financial position and changes in owners' equity, respectively.

Another Name for the Statement of Comprehensive Income Is