The cause of their disagreement is "Language".
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Storage, retrieval is the correct answer
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When a full set of general-purpose financial statements are presented, comprehensive income and its components should (D) be presented as part of the Income Statement or as a separate financial statement following the Income Statement.
<h3>Comprehensive income and its components:</h3>
- Comprehensive income and its components should be reported as part of the Income Statement or as a separate financial statement after the Income Statement when a full set of general-purpose financial statements is furnished.
- Net income (or loss) plus/minus other comprehensive income items, which may include, for a period: (a) a minimum pension liability adjustment, (b) any unrealized gain or loss on available-for-sale investments, (c) a foreign currency translation adjustment and gain/loss on the related hedge, and (d) the effective portion of cash flow hedges.
- For-profit entities are required by US GAAP to report comprehensive income and its components for a period (unless the entity has no other comprehensive income) in one of two statements:
- In the form of a separate "Statement of Comprehensive Income"
- Or when paired with the Income Statement, a "Statement of Net Income and Comprehensive Income" is produced.
Therefore, when a full set of general-purpose financial statements are presented, comprehensive income and its components should (D) be presented as part of the Income Statement or as a separate financial statement following the Income Statement.
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The correct question is given below:
When a full set of general-purpose financial statements are presented, comprehensive income and its components should:
A. Appear below income from continuing operations in the Income Statement.
B. Reported net of related income tax effect, in total and individually.
C. Appear in a supplemental schedule in the notes to the financial statements.
D. Be presented as part of the Income Statement or as a separate financial statement following the Income Statement.
Answer:
Correct option is (C)
Explanation:
Mass customization refers to manufacturing products suited for individual needs and preferences at the same time producing huge amount of products at low cost offering value to customers.
Customers are allowed to make modifications as per their requirements in the basic model offered by the organization. So customer is free to pick the color, design and model of their choice.
Spokes bikes is therefore using mass customization.
