When selecting a presentation format for the statement of comprehensive income management must select the one that is:
A) most relevant.
B) most reliable.
C) most consistent.
D) most relevant and the most reliable.

Question

Quizplus · Accepted Answer

The statement of comprehensive income should be both relevant and reliable. The information presented should be relevant in that it is useful for decision-making and understanding the company's financial performance. It should also be reliable, meaning it is accurate and free from errors or bias. Additionally, consistency is important to ensure that financial information can be easily compared over time. Therefore, the best choice is a format that is both relevant and reliable, as well as consistent with past reporting.

When Selecting a Presentation Format for the Statement of Comprehensive