The IASB's Conceptual Framework Defines _____ as Increases in Economic

question 2

Multiple Choice

The IASB's conceptual framework defines _____ as increases in economic benefits during an accounting period in the form of inflows or enhancements of assets or decreases in liabilities that result in increases in equity, other than those relating to contributions from equity participants.

• A)asset
• B)liability
• C)equity
• D)revenue
• E)expense

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Definitions:

External Constraint

Factors outside an organization or individual that limit or influence actions and decisions.

Budgetary Requirements

encompass the financial resources needed to support an activity, project, or organization, including estimates of income and expenditures.

Labor Laws

Regulations that govern the relationship between employers and employees, covering aspects such as employment terms, working conditions, and labor rights.

Task Behaviors

Activities and actions taken to achieve a specified objective or complete a job.