Which of the following statements best describes the statement of comprehensive income?
A)It provides information about the financial position of an entity at a specific point in time.
B)It measures economic events that involve non-owners but affect equity.
C)It summarizes the changes to shareholders' equity during a period.
D)It is an extension of the balance sheet.

Question

Quizplus · Accepted Answer

The statement of comprehensive income includes all items of income and expense that affect non-owner stakeholders but also have an impact on equity. It is not focused solely on the financial position at a specific point in time, nor does it summarize changes to shareholders' equity during a period. Although it is a statement of financial performance, it is not an extension of the balance sheet.

Which of the Following Statements Best Describes the Statement of Comprehensive