What are the benefits of statement of comprehensive income for an entity? Explain briefly with examples.
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Answer:
The Statement of Comprehensive Income provides a summary of a company’s net assets over a given period of time. In other words, the statement highlights the adjustments on equity during a given timeframe.
Explanation:
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Answer:
The Statement of Comprehensive Income provides a summary of a company’s net assets over a given period of time. In other words, the statement highlights the adjustments on equity during a given timeframe.
A statement of comprehensive income contains two main things: the net income and other comprehensive income (OCI). The net income is the result obtained by preparing an income statement. On the other hand, OCI consists of all the other items that are excluded from the income statement.
Explanation:
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