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?
align=”left”>
|
Currently reported net income |
Comprehensive income |
|
|
a. |
Financial capital |
Physical capital |
|
b. |
Physical capital |
Physical capital |
|
c. |
Financial capital |
Financial capital |
|
d. |
Physical capital |
Financial capital |