According to the FASB's conceptual framework, comprehensive income includes which of the following?
$\text { Gross Profit } \quad \text { Operating Income }$
A)$\text { No } \quad \text { No }$
B) $\text { No } \quad \text { Yes }$
C) $\text { Yes } \quad \text { Yes }$
D) $\text { Yes } \quad \text { No }$
E)None of these answer choices is correct.

Question

According to the FASB's conceptual framework, comprehensive income includes which of the following? 
$\text { Gross Profit } \quad \text { Operating Income }$
A)$\text { No } \quad \text { No }$
B) $\text { No } \quad \text { Yes }$
C) $\text { Yes } \quad \text { Yes }$
D) $\text { Yes } \quad \text { No }$
E)None of these answer choices is correct.

Quizplus · Accepted Answer

Comprehensive income includes all changes in equity (net assets) of a business during a period from transactions and other events and circumstances from nonowner sources. It includes revenues, expenses, gains, and losses.

According to the FASB's Conceptual Framework, Comprehensive Income Includes Which Gross Profit Operating Income \text { Gross Profit } \quad \text { Operating Income } Gross Profit Operating Income

According to the FASB's Conceptual Framework, Comprehensive Income Includes Which $\text { Gross Profit } \quad \text { Operating Income }$