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

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Definitions:

Latency

Latency in psychology can refer to the period of time from a stimulus until a response is observed, or in development, a phase in childhood when sexual feelings are dormant.

Superego

The component of the personality in psychoanalytic theory that represents internalized societal standards, ethics, and morals.

Ideal Standards

The perceived criteria for evaluating the quality or desirability of something, often based on personal or cultural values.

Ego

In Freudian psychology, the part of the psyche that mediates between the demands of the id, superego, and reality.