The Transaction Approach to Determining Income Is a Concept in Which

question 76

Multiple Choice

The transaction approach to determining income is a concept in which

• A) income is measured as the amount that an entity could consume during a period and be as well off at the end of that period as it was at the beginning.
• B) the financial statement effects of business events are classified as revenues,gains,expenses,and losses,which are used to measure and define income.
• C) market values adjusted for the effects of inflation or deflation are used to calculate income.
• D) income equals the change in market value of the firm's outstanding common stock for the period.

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