describe other comprehensive income, and identify major types of items included in it.

Q: Define Income and Business Taxation

A: Income is the money which is earned by the individual or any person during the year. Like for the…

Q: To arrive at comprehensive income, additional items are included

A: Income statement: It is one of the financial statements prepared by an organization. This statement…

Q: Define Total comprehensive income

A: Comprehensive income includes both net income and unrealized income or losses on financial…

Q: Revenues, expenses, and components of other comprehensive income can be reported in a single…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: What does comprehensive income provides?

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: How to interpret an income statement?

A: Income statement: It shows all the income earned by the business and the expenses incurred during an…

Q: What are the two ways that other comprehensive income may be displayed (reported)?

A: Income:   It refers to the earnings of the organization from their business activity for a period of…

Q: Explain how to prepare multi-step income statement.

A: While preparing the multi-step income statement, there are 8 steps to follow.In a multi-step income…

Q: According to our authors, define and provide an example of “comprehensive income.”

A: Comprehensive Income: The term "comprehensive income" refers to the combination of "net income" and…

Q: REQUIRED: • Statement of Comprehensive Income

A: Comprehensive Income The purpose of preparing the statement of comprehensive income to know the net…

Q: Requirements: Comprehensive income and financial position.

A: Financial statements are those statements and reports which are prepared at the end of accounting…

Q: Explain the difference between net income and comprehensive income and howwe report components of…

A: Financial statement: Financial statement is a record of all the financial activities of the…

Q: WHAT IS THE TOTAL COMPREHENSIVE INCOME

A: Incomes routed through profit and loss are shown pretax and at the end the income tax is reduced…

Q: Explain the what is statement of comprehensive income. Discuss the accounts contained in statement…

A: Comprehensive income includes unrealized profits or losses on hedge/derivative financial…

Q: Understand the uses and limitations of an income statement.

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Define accrual-basis net income.

A: Accrual Basis accounting: Under the accrual basis. the revenue and expenses are recorded accreting…

Q: Describe the format used to report the components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: Mention the key features of the Income and Expenditure Account.

A: Lets understand the basics. Income and expenditure account is a account prepared for non trading…

Q: How to prepare SOFP AND INCOME STATEMENT for this question?

A: Financial statements are the records of the economic activities performed by the business to earn…

Q: Explain how to report other comprehensive income.

A:

Q: What is the difference between income statement and statement of comprehensive income?

A: GAAP stands for “Generally Accepted Accounting Principles”. It provides the accounting rules and…

Q: Why it is important to develop your skills in preparing statement of comprehensive income?

A: Statement of comprehensive income is the detailed income statement which shows all incomes and all…

Q: what items are included in an income summary repor?

A: An income summary account is prepared at the end of accounting period to which all the incomes and…

Q: Describe the basic format of an income statement, listing all its sections.

A: Income statement Income statement is refer as the statement which summarizes the revenue and…

Q: State the meaning of Income and Expenditure Account.

A: Accounting:   It refers to the process of recording the financial transactions of an organization…

Q: Prepare a multi-step income statement in proper form.

A: Income statement: It refers to the statement prepared by the company in which recording of revenue…

Q: Distinguish between operating and nonoperating income in relation to the income statement.

A: Definition: The income statement is a statement that helps in calculating the income or the profit…

Q: Explain how to report various income items.

A: Introduction Income/Revenue is the money received from business/profession/service. There are many…

Q: Describe comprehensive income and its components.

A: Definition:   Comprehensive income: Comprehensive income represents the amount of net income plus…

Q: If a functional expense classification is used for the statement of comprehensive income, what must…

A: Expenses: Expenses means money spent for getting revenue to the entity. It involves cost of…

Q: Discuss the accounting concepts behind reporting unearned income.

A: Unearned income, also known as deferred income, is money received by a firm from a client for items…

Q: describe, calculate, and interpret comprehensive income;

A: The income statement is considered an important financial statement as it helps in order to get the…

Q: Explain the basic features of Income and Expenditure Account and ofReceipt and Payment Account.

A: Explain the basic features of Income and Expenditure Account and of Receipt and Payment Account.

Q: Define Comprehensive income.

A: Income: This is the amount earned from operations of a business. The operating activities are sale…

Q: Explain how to prepare a condensed income statement.

A:

Q: Prepare the single-step Statement of Comprehensive Income.

A: The income statement is prepared to find the net income or loss incurred during the period.

Q: define and provide an example of “comprehensive income.”

A: The income represents the earnings of the company. The income is the total profit or earnings. One…

Q: Definitions of Common Income and Expense Items

A: Common Income can have following definitions: Common income is the excess of revenue over costs for…

Q: Define components of net income.

A: Net income: Net income is the excess amount of revenue after deducting all the expenses of a…

Q: How is net income calculated? Define revenues and expenses?

A: Formula to calculate net income :Net income = Sales revenue + Interest revenue - (Total expenses +…

Q: 3. What additional items, if any, does Target report as part of its comprehensive income?

A: Comprehensive income Comprehensive income is the total of net income and other comprehensive income…

Q: Prepare the Statement of Comprehensive Income using single-step approach

A: Statement of comprehensive income is a financial statement which shows all incomes and all expenses…

Q: Which of the following is notan acceptable way of displaying the components of other comprehensive…

A:

Q: Explain the nature of net income, revenue, andexpenses.

A: Revenues means all operating and non operating revenues of the business for a particular period of…

Q: Describe the Accumulated other comprehensive income.

A: Comprehensive income: Comprehensive income represents the amount of net income plus other…