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Comprehensive Income definitions Flashcards

Comprehensive Income definitions
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  • Comprehensive Income
    Total financial performance measure including net income and unusual items like unrealized gains, reported separately from the income statement.
  • Net Income
    Result of revenues minus expenses, shown on the income statement and excludes items in other comprehensive income.
  • Income Statement
    Financial report detailing revenues, expenses, and net income, excluding other comprehensive income items.
  • Unrealized Gains
    Increases in value of assets like securities not yet sold, included in comprehensive income but not in net income.
  • Unrealized Losses
    Decreases in value of assets not yet sold, reported in comprehensive income rather than affecting net income.
  • Available for Sale Securities
    Investments whose unrealized gains and losses are reported in comprehensive income until sold.
  • Foreign Currency Translation Adjustments
    Accounting changes from converting foreign operations' financials, included in comprehensive income.
  • Derivatives
    Financial instruments whose fair value changes may be reported in comprehensive income.
  • Other Comprehensive Income
    Section capturing unusual accounting items not included in net income, often called the 'trash can of accounting.'
  • Fair Value
    Current market value of assets or liabilities, with changes sometimes reported in comprehensive income.
  • Net Sales
    Total revenue from sales after returns and allowances, used in calculating net income.
  • Cost of Goods Sold
    Direct costs attributable to goods sold, subtracted from net sales to help determine net income.