The Terms Earnings, Profits and Income Refer to Different Amounts

question 66

True/False

The terms earnings, profits and income refer to different amounts on the statement of profit or loss and other comprehensive income.

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Definitions:

Socialization

The process by which individuals learn and adopt the norms, values, customs, and behaviors appropriate to their society or social group.

Ends-Based Thinking

is a moral reasoning approach that focuses on the outcomes or consequences of actions to determine their ethicality.

Religious

Pertaining to the belief in and worship of a god or gods, a specific system of belief and worship involving a code of ethics, a value orientation emphasizing spiritual peace.

Secular

Not religious; not connected with a church, synagogue, mosque, pagoda, temple, or other religious institution.