Question

Pick most true on CI: A. Foreign currency revenues recorded in CI B. CI equals or...

Pick most true on CI:

A. Foreign currency revenues recorded in CI

B. CI equals or greater than net income

C. Actuarial gains/loss on benefit plan is carried in accumulated CI indefinite

D. None of above

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Answer #1

Ans B

CI equal or greater than net income

Explanation:-

Because Comprehensive income is the variation in a company's net assets from non-owner sources during a specific period. Comprehensive income includes net income and unrealized income, such as unrealized gains or losses on hedge/derivative financial instruments and foreign currency transaction gains or losses. Comprehensive income provides a holistic view of a company's income not fully captured on the income statement.very wider scope of CI then net income

Income excluded from the income statement is reported under "accumulated other comprehensive income" of the shareholders' equity section. The purpose of comprehensive income is to include a total of all operating and financial events that affect non-owners' interests in a business. Comprehensive income may report amounts per month, quarter, or year.

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