The View of Income That IFRS Generally Supports Is Referred

question 55

Multiple Choice

The view of income that IFRS generally supports is referred to as the

• A) all-inclusive approach.
• B) current operating performance approach.
• C) other comprehensive income approach.
• D) operating income approach.

---

Definitions:

Net Cash Flows

The difference between a company's cash inflows and outflows in a given period.

Operating Activities

Business actions that are directly related to the production, sale, and delivery of goods and services.

Notes Payable

Written promises to pay a certain amount of money, usually with interest, by a specified future date, recorded as liabilities on a balance sheet.

Accounts Payable

Accounts payable is a liability account that records the amounts a company owes to suppliers or vendors for goods or services received but not yet paid for.