The Term Used in the Framework for the Preparation and Presentation

question 45

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) gains.
• B) fees.
• C) revenue.
• D) profit.

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Definitions:

Divisions Defined

Refers to the distinct segments or sections within an organization, each with specific roles, responsibilities, and objectives contributing to the overall success of the organization.

M-Form

refers to the multidivisional structure of a corporation, organizing its operations around product lines or geographical areas.

Corporate Organization

The structured setup of departments, roles, and activities within a company to facilitate its operations and objectives.

Employees Organizes

The process by which workers come together to form a union or similar collective bargaining group.