The Framework definition of revenue (income) differs in which important aspect from the FASB definition?
A) In some circumstances it includes contributions by owners as revenue
B) It includes a reduction in liabilities as one of the forms that revenue can take
C) It defines revenue as an inflow
D) It does not identify the sources of the revenue
Correct Answer:
Verified
Q24: What characteristic is emphasised in the definition
Q25: Under the Framework,which of these statements is
Q26: Under the Framework,profit is defined as:
A) an
Q27: Under the Framework,the purchase of inventory by
Q28: Under the Framework,which of these is not
Q30: Depreciation and wages that have been accrued
Q31: List and explain the four types of
Q32: According to Framework 2014,when should income be
Q33: In the Framework's definition of expenses:
A) there
Q34: Compare the FASB definition of revenue and
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