Financial Accounting: Business Process Approach
3rd Edition
ISBN: 9780136115274
Author: Jane L. Reimers
Publisher: Prentice Hall
expand_more
expand_more
format_list_bulleted
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 stockholders’ equity that does not affect net income more obvious to financial statement users.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Chapter 10A Solutions
Financial Accounting: Business Process Approach
Knowledge Booster
Similar questions
- 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
Recommended textbooks for you
- Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCollege Accounting, Chapters 1-27 (New in Account...AccountingISBN:9781305666160Author:James A. Heintz, Robert W. ParryPublisher:Cengage Learning
- Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting, Chapters 1-27 (New in Account...
Accounting
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning