Under the IASB Conceptual Framework Income Is Now Subdivided Into

question 10

Multiple Choice

Under the IASB Conceptual Framework income is now subdivided into:

• A)revenues, which only include sales, fees, interest, dividends, royalties and rent; gains, which are no different in nature to revenue.
• B)gains, which are regarded as constituting a separate element in the framework; revenues, which may only arise in the course of the ordinary activities of the entity.
• C)revenues, which arise in the course of the ordinary activities of the entity; gains, which may or may not arise in the course of the ordinary activities of the entity.
• D)increases in equity referred to as gains; reductions in liabilities which are classified as revenues.