The AASB's Conceptual Framework Defines Income As

question 8

Multiple Choice

The AASB's Conceptual Framework defines income as:

• A)increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity,other than those relating to contributions from equity participants.
• B)the gross inflow of economic benefits during the period arising in the course of ordinary activities of an entity when those inflows result in increases in equity,other than increases relating to contributions from equity participants.
• C)income that arises in the ordinary course of business and is referred to by a variety of different names,including sales,fees,interest,dividends and royalties.
• D)increases in economic benefits during the accounting period in the from of outflows or decreases in assets or increases in liabilities that result in increases in equity,other than those relating to contributions from equity participants.

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Definitions:

Output Stream

A system feature that allows data to be sent from a program to a device or another program.

Write Line

A method or function in many programming languages used to output text or data to the console or a file.

Full Path Name

Describes the complete address or location of a file or directory, from the root element to the specific target, within a file system.

Complete Path

The full address or location of a file or directory within a computer's file system.