Under the Framework,which of These Statements Is Correct

question 31

Multiple Choice

Under the Framework,which of these statements is correct?

• A) A distinction is made between profit and gains
• B) Profit is not defined independently of income and expenses
• C) Profit is defined as the amount that can be distributed as a dividend whilst maintaining capital intact
• D) None of the statements is correct

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Definitions:

Plurality

A situation in elections where the candidate or party receives more votes than any other but does not achieve an absolute majority.

Quorum

The lowest number of participants that must attend a meeting to officially carry out business activities.

Corporate Charter

A legal document issued by a state that establishes a corporation as a legal entity, outlining its structure and permitted activities.

Filed

the act of officially submitting a document to a court or government agency for its consideration or action.