Measure of financial performance resulting from the aggregation of revenues

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QUESTION
The purpose of the discussion questions (DQs) is to allow you as the Learner to demonstrate your understanding of the chapter’s key learning points and how you might apply them in given situation. Participating in the discussion question forum provides you as the Learner an opportunity to compare your ideas to ideas from others in your class.
Instructions: Using this week’s key learning points, provide your response to the questions below;
The Income Statement is a measure of financial performance resulting from the aggregation of revenues, expenses, gains and losses that are not items of other comprehensive income.
Comprehensive income is the change in a company’s equity during a period of time resulting from transactions and other events and circumstances from non-owner resources. It is therefore the sum of net income and other comprehensive income.
Required:
– Considering the two statements above, what do you believe are the advantages and disadvantages of the income statement and why?

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