What are the purposes of the income statement, Accounting Basics

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What are the purposes of the income statement

Response to the following questions:

1. Define comprehensive income. What was the intent of the FASB in developing this conceptual definition?

2. Discuss (a) return on investment, (b) risk, (c) financial flexibility, and (d) operating capability

3. What are the purposes of the income statement?

If possible, please give examples to better understand your response.

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Accounting Basics: What are the purposes of the income statement

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Accounting Basics: What are the purposes of the income statement

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