Lesson: Statement of comprehensive income - Practice Questions

In this lesson, dive deep into the components of other comprehensive income (OCI) with Nick Palazzolo, CPA, who unfolds the intricacies of the statement of comprehensive income through a series of practice questions. Nick clarifies which items should and should not be included in OCI, using a straightforward memorization chart for visual aid. As he works through examples, he ensures that the differentiation between net income elements and OCI components is crystal clear. With an engaging walkthrough of practice questions, Nick skillfully breaks down concepts such as unrealized gains on available-for-sale securities, cash flow hedges, and foreign currency adjustments, even relaying these back to real-world scenarios for better grasp and retention.