The term "comprehensive income" as defined by the FASB
A) must be reported on the face of the income statement.
B) includes all changes in equity during a period except those resulting from investments by and distributions to owners.
C) is the net change in owners' equity for the period.
D) is synonymous with the term "net income."

Question

Quizplus · Accepted Answer

Comprehensive income is defined by the FASB as all changes in equity during a period except those resulting from investments by and distributions to owners. It is not required to be reported on the face of the income statement, and it is not synonymous with net income or the net change in owners' equity for the period.

The Term "Comprehensive Income" as Defined by the FASB