Assignment 3
Q1:
Net income: broadly regarded as “bottom line” measure of income.Net income also
refers to an individual’s income after taking taxes and deductions into account.Net
income (NI) is calculated as revenues minus expenses, interest, and taxes.
Comprehensive income: It includes most changes to equity that result from non-
owner sources; it is actually the bottom-line measure of income; is the accountant’s
proxy for economic income. Comprehensive income is the variation in a company’s
net assets from non-owner sources during a specific period. Comprehensive income
includes net income and unrealized income, such as unrealized gains or losses on
