What names are acceptable for the statement describing financial performance?
A)Income Statement
B)Comprehensive Income Statement
C)Profit and Loss Statement
D)NZ IAS 1 recommends Comprehensive Income Statement but allows for alternative names to be used

Question

Quizplus · Accepted Answer

While NZ IAS 1 recommends using the term Comprehensive Income Statement, it allows for alternative names to be used as well. Therefore, any of the choices above besides D are acceptable, but the best choice would be D as it encompasses all other acceptable options.

What Names Are Acceptable for the Statement Describing Financial Performance