Question

a. What is comprehensive income? What is income-in-kind?

Answer 1

Comprehensive income is the sum of net income and all components that bypass the income statement as they have not been realized. These include foreign currency gains and losses and also unrealized gains from securities that are available for sale. These cannot be recorded in the books as they have not been realized but still are part of comprehensive income.

Income in kind is basically income other than money income. These include,food stamps, public schooling and socialized medicine. This is income which takes other forms than money.