describe other comprehensive income, and identify major types of items included in it.
describe other comprehensive income, and identify major types of items included in it.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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describe other comprehensive income, and identify major types of items included in it.
Expert Solution
Step 1
Income statement: It refers to a financial statement that presents all the income earned by the business and expenses incurred during an accounting period.
Step 2
Other comprehensive income includes all the income earned by the business during an accounting period including realized and unrealized income. It provides users with an overall view of the aggregated income that is not shown in the company’s income statement.
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