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AICPA Exam CPA-Financial Topic 3 Question 106 Discussion

Actual exam question for AICPA's CPA-Financial exam
Question #: 106
Topic #: 3
[All CPA-Financial Questions]

Which of the following describes how comprehensive income should be reported?

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Suggested Answer: C

Choice 'c' is correct. Expensing insurance premiums when paid (rather than allocating them to the periods benefited) is a correction of an error in previously presented financial statements.


by Scarlet at Jan 25, 2025, 08:35 AM

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Una
16 hours ago
Option A is the classic 'separate statement' approach, but options C and D give more flexibility. I'd go with C since it covers the most ground.
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Quinn
8 days ago
Haha, imagine if they said comprehensive income shouldn't be reported at all - that would be like a black hole in the financial statements! Good thing option B isn't the right answer.
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Desiree
21 days ago
I'm leaning towards option D. Separate statements of comprehensive income don't seem to be allowed, so the combined statement or disclosure within the equity statement are the way to go.
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Twanna
27 days ago
Option C sounds like the most comprehensive approach. Reporting comprehensive income in a separate statement, a combined statement, or within the statement of stockholders' equity seems to cover all the bases.
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Lera
4 days ago
I think reporting comprehensive income in multiple ways provides a clearer picture of the company's financial performance.
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Eloisa
13 days ago
I agree, option C does seem like the most comprehensive approach.
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Rodrigo
1 months ago
I disagree, I believe comprehensive income can be reported in a combined statement of income and comprehensive income.
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Paulina
1 months ago
I agree with Fatima, it makes sense to have it as part of a complete set of financial statements.
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Fatima
2 months ago
I think comprehensive income should be reported in a separate statement.
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a