ACC 3000 Chapter Notes - Chapter 4: Pro Forma, Comprehensive Income, Income Statement

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Comprehensive income: net income as well as a few gains and losses that are not part of net income and are considered other comprehensive income items instead. Cash flows: provide info about cash receipts and cash disbursements of an enterprise that occurred during a period. Income statement aka statement of operations or statement of earnings: summarize the profit-generating activities that occurred during a particular reporting period. Income statement and statement of cash flows = change statements. Revenue, expenses, (including income taxes) gains, and losses, excluding those related to discontinued operations. Revenues: inflows of resources resulting from providing goods or services to customers. Expenses: outflows of resources incurred while generating revenue. If causality can be determined, expense are reported in same period that related revenue is recognised. Gains and losses are increases or decreases in equity from peripheral or incidental transactions of ane entity.

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