FINANCIAL ACCOUNTING CUSTOM PACKAGE
FINANCIAL ACCOUNTING CUSTOM PACKAGE
LATEST Edition
ISBN: 9781256636755
Author: REIMERS
Publisher: Pearson Custom Publishing
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
Check Mark

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.

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