Statement of comprehensive income is also referred to as the balance sheet, is a snapshot of the
ﬁrm. It is a convenient means of organizing and summarizing what a ﬁrm owns (its assets), what a
ﬁrm owes (its liabilities), and the difference between the two (the ﬁrm's equity) at a given time.

Question

Quizplus · Accepted Answer

The statement of comprehensive income is NOT referred to as the balance sheet. They are two separate financial statements that serve different purposes. The statement of comprehensive income shows a company's revenues and expenses for a specific period of time, while the balance sheet shows a company's assets, liabilities, and equity at a specific point in time.

Statement of Comprehensive Income Is Also Referred to as the Balance