In Accordance with AASB Framework Which of the Following Is

question 2

Multiple Choice

In accordance with AASB 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.
• E)None of the given answers.

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Definitions:

Lacteals

Specialized lymphatic capillaries located in the villi of the small intestine, which absorb dietary fats and transport them to the circulatory system.

Lipids

A group of naturally occurring molecules including fats, waxes, and vitamins, essential for energy storage and cell structure.

Digestive Tract

The series of organs in the digestive system through which food passes, nutrients are absorbed, and waste is eliminated; starting from the mouth and ending at the anus.

Fluid Balance

The maintenance of the correct volume and concentration of body fluids via mechanisms that regulate fluid intake and excretion.