Which of the following statements is true? Under GAAP, comprehensive income:
A) may be reported in addition to net income.
B) must be reported in addition to net income.
C) may be reported instead of net income.
D) must be reported instead of net income.

Question

Quizplus · Accepted Answer

Under GAAP, comprehensive income must be reported in addition to net income, as it includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Which of the Following Statements Is True? Under GAAP, Comprehensive