Asked by Colby Hastings on Jul 12, 2024
Verified
When is a company not required to report comprehensive income?
A) when it has a net operating loss
B) when it has no other comprehensive income items
C) when it has no extraordinary items
D) when it has no prior-period adjustments
Comprehensive Income
The total change in equity for a reporting period other than from transactions with owners, including all unrealized gains and losses.
Operating Loss
A negative financial result that occurs when a company's operating expenses exceed its gross profits.
- Detect and elucidate the constituent parts and value of comprehensive income.
Verified Answer
KF
Kenyon FlakeJul 13, 2024
Final Answer :
B
Explanation :
A company is only required to report comprehensive income if it has other comprehensive income items to report. If there are no other comprehensive income items, comprehensive income does not need to be reported.
Learning Objectives
- Detect and elucidate the constituent parts and value of comprehensive income.
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