Final answer:
Comprehensive income is a broader perspective of income that includes all revenues, expenses, gains, and losses for a period. It includes net income and other changes in shareholders' equity that do not represent transactions with owners.
Step-by-step explanation:
The broader perspective of income that includes all revenues, expenses, gains, and losses for a period is called comprehensive income.
Comprehensive income includes net income, which is the profit earned by a company from its regular operations. However, it goes beyond net income and also includes other changes in shareholders' equity that do not represent transactions with owners.
These other changes in shareholders' equity can include items like unrealized gains or losses on investments, foreign currency translation adjustments, and changes in the fair value of certain financial instruments.