Financial Accounting-w/pier 1+cd-pkg.
3rd Edition
ISBN: 9780131638051
Author: REIMERS
Publisher: PEARSON
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Question
Chapter 10A, Problem 1YT
To determine
Explain the purpose of having a statement of comprehensive income statement instead of a simple income statement.
Expert Solution & Answer
Explanation of Solution
The purpose of having a statement of comprehensive income statement instead of a simple income statement is that the FASB wants to make the changes to
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Chapter 10A Solutions
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- What is the difference between a multi-step and simple income statement?arrow_forwardIf a functional expense classification is used for the statement of comprehensive income, what must also be disclosed?arrow_forwardIn general, how does the income statement help satisfy the objectives of financial reporting?arrow_forward
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