The IASB Conceptual Framework Adopts Which Approach to Determining Profits

question 28

Multiple Choice

The IASB Conceptual Framework adopts which approach to determining profits?

• A) revenue/expense approach
• B) matching principle approach
• C) asset/liability approach
• D) cash basis approach

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Definitions:

Alleles

Different versions of a gene, which can result in variations in the physical or physiological traits of an organism.

Genomic Imprinting

An epigenetic phenomenon where certain genes are expressed in a parent-of-origin-specific manner, meaning that the expression of the gene is different depending on whether it is inherited from the mother or the father.

Syndrome

A collection of symptoms that consistently occur together or a condition characterized by a set of associated symptoms.

Dizygotic Twins

Also known as fraternal twins, are two offspring born from the same pregnancy but fertilized by two different eggs and thus genetically distinct.