Can the terms net income and comprehensive income be used interchangeably? Explain. A. Yes....
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Accounting
Can the terms net income and comprehensive income be used interchangeably? Explain.
A Yes. Net income and comprehensive income include the exact same items. Net income and comprehensive income are the change in a company's assets during a period, resulting from transactions.
B No Net income is a component of comprehensive income. Comprehensive income is the change in a company's equity during a period, resulting from transactions and other events and circumstances from nonowner sources. Comprehensive income includes net income and other comprehensive income.
C No Net income is a component of comprehensive income. Comprehensive income is the change in a company's accounts receivables during a period, resulting from transactions and other events. Comprehensive income includes net income and other transactions involving cash.
D Yes. Net income and comprehensive income are typically the same thing. Comprehensive income is just another way of stating net income on the financial statements.
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