Which of the following is considered an "Other comprehensive income" item?
a. Gain on disposal of discontinued operations
b. Unrealized loss on available-for-sale securities
c. Net income
d. Extraordinary loss related to a flood
The income statement includes all the direct and indirect expenses during the year to calculate the net income of the company and it is the statement that measures the performance of the company too.
Answer and Explanation:
The correct option is d.
The other comprehensive income includes the extra-ordinary income or loss and therefore item - extraordinary loss related to a flood, is recorded under other comprehensive income.
Become a member and unlock all Study Answers
Try it risk-free for 30 daysTry it risk-free
Ask a question
Our experts can answer your tough homework and study questions.Ask a question Ask a question
Learn more about this topic:
from Accounting 101: Financial AccountingChapter 2 / Lesson 2