Questions: True or false: Reporting comprehensive income can be done with a single, continuous statement or in two separate, but consecutive statements.

True or false: Reporting comprehensive income can be done with a single, continuous statement or in two separate, but consecutive statements.
Transcript text: True or false: Reporting comprehensive income can be done with a single, continuous statement or in two separate, but consecutive statements.
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Solution

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The answer is True: Reporting comprehensive income can be done with a single, continuous statement or in two separate, but consecutive statements.

Explanation:

  • True: According to accounting standards, comprehensive income can be reported either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The first option combines the income statement and other comprehensive income into one statement, while the second option presents the income statement followed by a separate statement of comprehensive income.
  • False: This option is incorrect because it contradicts the flexibility allowed by accounting standards regarding the presentation of comprehensive income.

In summary, the correct answer is True, as both presentation methods are acceptable under accounting standards.

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