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Discuss the effect, if any, each of the following should have on the recognition of future events:
a.The probabilistic nature of future events
b.Management intent
c.Conservatism
d.Future economic conditions
e.Future legal requirements
Gross Income
Total earnings received by an individual or company before any deductions such as taxes, expenses, and other contributions.
Disposable Income
The amount of money an individual or household has available to spend or save after taxes and necessities have been paid.
Interest Rates
The percentage charged on borrowed money or paid to investors, which reflects the cost of borrowing or the return on investment.
Discretionary Income
The amount of an individual's income left for spending, investing, or saving after all taxes and necessities have been paid.
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