The change in equity of an entity during a period from transactions and other events from non-owner sources is known as

Question

Quizplus · Accepted Answer

Comprehensive income includes all changes in equity during a period from non-owner sources, including net income, gains and losses from investments, foreign currency translation adjustments, and other comprehensive income items. Net income (choice A) is only one component of comprehensive income. Net operating income (choice B) is a measure of income generated from the core operations of a business, but it does not include all sources of income and gains/losses on investments. Net change in assets (choice D) is not a measure of income, but rather a change in the balance sheet.

The Change in Equity of an Entity During a Period