One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to Select one: revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities. revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners. None of these answer choices are correct. revenues minus expenses plus gains minus losses.

One of the elements of financial statements is comprehensive income. As described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," comprehensive income is equal to Select one: revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners plus assets minus liabilities. revenues minus expenses plus gains minus losses plus investments by owners minus distributions to owners. None of these answer choices are correct. revenues minus expenses plus gains minus losses.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 3MC: Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B....

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