Advantages and Disadvantages of the Income Statement
Analyze the statements. Considering the two statements, what do you believe are the advantages and disadvantages of the income statement, and why?
The Income Statement is a measure of financial performance resulting from the aggregation of revenues, expenses, gains, and losses that are not items of other comprehensive income. Comprehensive income is the change in a company’s equity during a period of time resulting from transactions and other events and circumstances from non-owner resources. It is, therefore, the sum of net income and other comprehensive income.