In Accordance with IASB Conceptual Framework Which of the Following

question 11

Multiple Choice

In accordance with IASB Conceptual Framework which of the following is consistent with the definition of expenses?

• A) decreases in economic benefits during the accounting period in the form of outflows other than those relating to distributions to equity participants
• B) increases in economic benefits during the accounting period in the form of inflows or enhancement of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants
• C) decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurrences of liabilities that result in decreases in equity, other than those relating to distributions to equity participants
• D) All of the given answers are correct.

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Definitions:

Compete

The act of participating in an event or activity with the aim of winning or achieving superiority over others.

Top Award

A top award is the highest honor or recognition given in a competition, field, or industry.

Self-Fulfilling Prophecy

A prediction that directly or indirectly causes itself to become true, due to the positive feedback between belief and behavior.

Attribution

The process by which individuals explain the causes of their own and others' behavior, typically by ascribing behavior to internal dispositions or external situations.