Under IFRS, Income Is Defined as

question 86

Multiple Choice

Under IFRS, income is defined as

• A)revenue less expenses.
• B)revenues and gains, less expenses and losses.
• C)revenues and gains.
• D)revenues, gains, and contributions by owners.

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Definitions:

Similar

Having a resemblance in appearance, character, or quantity, without being identical.

Hierarchy

A system in which members of an organization or society are ranked according to relative status or authority.

Knowledge-Based View

A theoretical perspective that considers knowledge as the most strategically significant resource of a firm.

Classification

The process of organizing or grouping items into categories based on shared characteristics or criteria.