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AICPA Exam CPA-Financial Topic 3 Question 50 Discussion
Actual exam question for
AICPA's
CPA-Financial exam
Question #: 50
Topic #: 3
[All CPA-Financial Questions]
Topic #: 3
FASB's conceptual framework explains both financial and physical capital maintenance concepts. Which capital maintenance concept is applied to currently reported net income, and which is applied to comprehensive income?
Suggested Answer:
C
Choice 'c' is correct. Financial capital - Financial capital.
Financial capital maintenance is considered to be an element of both 'currently reported net income' and 'comprehensive income.' This was a rare instance in which this type of information was asked on the exam.
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