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Briefly explain the elemants of Statement of Comprehensive Income. |
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Answer» SOLUTION :A Statement ofComprehensive Income Comprises of two statement , i.e., Income Statement and a Comprehensive Income are prepared . The Statement ofCompprehensive Income reconciles the income or LOSS as per income Statement with total comprehensive income . the elements or contents of the statement are : (i)Revenue : It increases the economic benefit during the accounting period because of business operationsand /or INCREASE in the value of assets or decrease in liabilities .As a result of it , value of SHAREHOLDERS equity increases. (ii) Expense : It is a decrease ineconomic BENEFITS in the form of outflows during the accounting period because of business operations and /or decrease in the value of sharehloders equity decreases . |
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