Final answer:
Comprehensive income in financial statements is the total change in equity for a period excluding transactions from owners. It encompasses net income and items such as unrealized gains and losses on investments. Real GDP is a broader measure of aggregate income in the economy.
Step-by-step explanation:
Comprehensive income as described in Statement of Financial Accounting Concepts No. 6, "Elements of Financial Statements," is equal to all changes in equity during a period except those resulting from investments by owners and distributions to owners.
This comprehensive income includes net income as well as other components that are not included in the net income calculation, such as items of other comprehensive income, which could include foreign currency translation adjustments, unrealized gains and losses on certain investments in debt and equity securities, and minimum pension liability adjustments.
In simpler terms, comprehensive income is a broader measure of income that takes into account all revenues, expenses, gains, and losses that are not realized during a period of operation. In the context of the aggregate economy, real GDP is used as a general measure of income, which includes the total output, spending, and income generated in the economy.