Question

A few types of gains and losses are excluded from the determination of net income and the income statement but are included in the broader concept of comprehensive income. We refer to these as items of _____ _____ _____ (OCI) or _____.

Answer 1

The subject of this question is the concepts of net income and comprehensive income in the field of Business.

Step-by-step explanation:

The subject of this question is Business as it pertains to the concepts of net income and comprehensive income.

Net income is determined by excluding certain types of gains and losses from the income statement. However, these excluded items are included in the broader concept of comprehensive income, referred to as Other Comprehensive Income (OCI) or OCI items.

For example, foreign currency translation gains or losses, unrealized gains or losses on available-for-sale securities, and changes in certain types of pension obligations are all considered items of Other Comprehensive Income that are not included in net income but affect comprehensive income.