Which of the following must exist before income can be recognised?
A)the increase in future economic benefits related to an increase in an asset or a decrease in a liability must have arisen.
B)the increase in future economic benefits must be able to be measured reliably
C)all option must exist
D)income recognition must occur at the same time as the recognition of increases in assets or reductions in liabilities.

Question

Quizplus · Accepted Answer

Income recognition requires both the occurrence of an increase in future economic benefits and the ability to measure it reliably, as well as the recognition of related changes in assets or liabilities.

Which of the Following Must Exist Before Income Can Be