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Which of the following is considered an "Other comprehensive income" item? a. Gain on disposal of...

Question:

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

Income Statement:

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.

Reason:

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.


Learn more about this topic:

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What Is an Income Statement? - Purpose, Components & Format

from Accounting 101: Financial Accounting

Chapter 2 / Lesson 2
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