The AASB's Conceptual Framework Defines Income As

Multiple Choice

The AASB's Conceptual Framework defines income as:

A) 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.
B) the gross inflow of economic benefits during the period arising in the course of ordinary activities of an entity when those inflows result in increases in equity,other than increases relating to contributions from equity participants.
C) income that arises in the ordinary course of business and is referred to by a variety of different names,including sales,fees,interest,dividends and royalties.
D) increases in economic benefits during the accounting period in the from of outflows or decreases in assets or increases in liabilities that result in increases in equity,other than those relating to contributions from equity participants.