In Accordance with IASB Conceptual Framework Which of the Following

question 55

Multiple Choice

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

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

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Definitions:

Product Domain

The complete range of products that a company creates or plans to offer within its market.

Long-term Direction

The strategic goals and visions set by an organization to guide its operations, development, and decision-making processes over an extended period.

Functional Strategy

A specific, detailed plan aimed at achieving objectives in a particular business area, supporting the overall business strategy.

Divisional Strategy

A strategic approach in which an organization is divided into semi-autonomous units, each focusing on a specific product line or market segment.