Under the Conceptual Framework, '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', is the definition of:
A) contributions.
B) income.
C) equity.
D) expense.

Question

Quizplus · Accepted Answer

The definition given in the question aligns with the definition of income as per the Conceptual Framework. Income is described as 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. Therefore, option B is the correct answer.

Under the Conceptual Framework, 'Increases in Economic Benefits During the Accounting