The Term Used in the Framework for the Preparation and Presentation

question 4

Multiple Choice

The term used in the Framework for the Preparation and Presentation of Financial Statements for income which arises in the course of the ordinary activities of an entity is:

• A)Revenue
• B)Gain
• C)Fees
• D)Profit

---

Definitions:

Short-Run Cost Curves

Graphical representations that show the relationship between a firm's costs and output levels in the short term.

Long-Run Curve

The graphical representation in economics of the relationship between output and input when all inputs are variable, showing potential economies of scale.

Marginal-Cost Curve

A graph that displays the cost of producing one additional unit of a good or service.

Average-Total-Cost Curve

A graph that displays the mean total cost of manufacturing across various output quantities, generally characterized by a U-shape because of the effects of economies and diseconomies of scale.