Question
Briefly explain the elements of Statement of Comprehensive Income.
✓
Answer
A Statement of Comprehensive Income comprises of two statements, i.e., Income Statement and a Statement of Comprehensive Income are prepared. The Statement of Comprehensive Income reconciles the income or loss as per Income Statement with total comprehensive income. The elements or contents of the statement are:
- Revenue: It increases the economic benefit during the accounting period because of business operations and increase in the value of assets or decrease in liabilities, As a result of it, value of shareholders equity increases.
- Expense: It is a decrease in economic benefits in the form of outflows during the accounting period because of business operations and/or decrease in the value of assets or increase in liabilities. As a result of it, value of shareholders equity decreases.
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S.No
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