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Part $1$

Do entities report$$ revenues, expenses,$$ gains, and losses in net income or other comprehensive$$ income? Explain.

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Part $1$

A$.$

$$Revenues$,$ expenses,$$ gains, and losses are included in net income. Other comprehensive income also includes the same$$ elements, although it would be unusual to report gains and losses in other comprehensive income.

B$.$

Only revenues and expenses are included in net income. Gains and losses are included in other comprehensive income.

C$.$

Only gains and losses are included in net income and only revenues and expenses are included in other comprehensive income.

D$.$

$$Revenues$,$ expenses,$$ gains, and losses can be included in net income. Other comprehensive income can include the same$$ elements, although it would be unusual to report revenues in other comprehensive income.