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.

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Definitions:

Statistica Neerlandica

A peer-reviewed scientific journal covering research in all areas of statistics.

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Colorectal Exam

A medical examination, such as a colonoscopy, used to detect abnormalities and diseases of the colon and rectum.

American Cancer Society

A nationwide voluntary health organization dedicated to eliminating cancer as a major health problem through research, education, advocacy, and service.