Accumulated other comprehensive income:
A)is a liability.
B)might include prior service cost.
C)includes accumulated pension expense.
D)is reported in the income statement.

Question

Quizplus · Accepted Answer

Accumulated other comprehensive income (AOCI) is a component of shareholders' equity and represents a cumulative total of gains and losses that have not yet been recognized in the income statement. AOCI might include prior service cost, which is a component of net periodic pension cost recognized in AOCI. It does not include any liability and is not reported in the income statement.

Accumulated Other Comprehensive Income