Profit Is Calculated as the Difference Between Income and Expenses

question 17

Multiple Choice

Profit is calculated as the difference between income and expenses as defined by the AASB Framework.As a result:

• A) The matching principle is of prime importance in calculating profit.
• B) Profit is influenced directly by the definitions and measurement rules for assets and liabilities.
• C) There is no need for separate recognition criteria for profit.
• D) Profit is influenced directly by the definitions and measurement rules for assets and liabilities and there is no need for separate recognition criteria for profit.
• E) None of the given answers.

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Definitions:

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The various organized belief systems around the globe, including Christianity, Islam, Buddhism, Hinduism, and Judaism, among others.

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A pioneering American psychologist and philosopher, recognized for his contributions to pragmatism and the philosophy of religion, as well as for being a founder of functional psychology.