What is Other Comprehensive Income?
A) unrealized gains and loss that are reported on the Statement of Retained Earnings
B) unrealized gains and losses that are reported on the traditional Income Statement
C) unrealized gains and losses that are reported on the Balance Sheet
D) unrealized gains and losses that are not reported on the financial statements

Question

Quizplus · Accepted Answer

Other Comprehensive Income refers to unrealized gains and losses that are reported on the Balance Sheet. It is displayed separately from Net Income on the Statement of Comprehensive Income. It includes items such as gains or losses on available-for-sale securities or foreign currency translation adjustments.

What Is Other Comprehensive Income