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Generally Accepted Accounting Principles (GAAP) MCQs

What is the general rule regarding the reporting of comprehensive income?

That it should not be shown as it is misleading

That comprehensive income should be calculated and prominently displayed on financial reports

That it should be mailed in a letter to all shareholders

That it should only be calculated yearly

Answer

Correct Answer: That comprehensive income should be calculated and prominently displayed on financial reports

Explanation:

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More Generally Accepted Accounting Principles (GAAP) MCQ Questions

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