The change in equity (net assets) of an entity during a period from transactions and other events and circumstances from non-owner sources is called:

a) comprehensive income.

b) revenues.

c) net income.

d) gains.

Question

Anna Simpson

Business

12 February, 16:30

The change in equity (net assets) of an entity during a period from transactions and other events and circumstances from non-owner sources is called:

a) comprehensive income.

b) revenues.

c) net income.

d) gains.

+4

Answers (1)

Know the Answer?

Anton Lucero · Answer 1

The correct answer is comprehensive income.

Explanation:

The change in equity (net assets) of an entity during a period from transactions and other events and circumstances from non-owner sources is called comprehensive income.

Comprehensive income includes all the revenues, losses, gains and expenses.

Formula of calculation:

Comprehensive income = Net Income + Other Comprehensive Income

The comprehensive income is also known as stockholders' equity, retained earnings, accumulated other comprehensive income.

The change in equity (net assets) of an entity during a period from transactions and other events and circumstances from non-owner sources is called:a) comprehensive income.b) revenues.c) net income.d) gains.

The change in equity (net assets) of an entity during a period from transactions and other events and circumstances from non-owner sources is called:

a) comprehensive income.

b) revenues.

c) net income.

d) gains.