Which of the following is/are true?
A)Comprehensive income equals the net amount of revenues, expenses, gains, and losses during an accounting period.
B)Authoritative guidance classifies revenues and expenses arising from a firm's core business as components of net income.
C)Net income includes gains and losses from sales or exchanges of assets or settlements of liabilities related incidentally or peripherally to the firm's core business.
D)Authoritative guidance classifies gains and losses from the remeasurement of certain assets and liabilities as either net income or other comprehensive income.
E)all of the above

Question

Quizplus · Accepted Answer

All statements are true. A) Comprehensive income includes all revenues, expenses, gains, and losses. B) Core business revenues and expenses are indeed components of net income. C) Net income does include incidental gains and losses. D) Gains and losses from remeasurement can be classified as either net income or other comprehensive income, depending on the specific circumstances and accounting standards.

Which of the Following Is/are True