- 1 Marks
Question
Which of these statements CANNOT be defined as income?
A. Decrease in economic benefits during the accounting period
B. Increase in economic benefits during the accounting period
C. Decrease in liabilities
D. Gains arising on the disposal of non-current assets
E. Activities that enhance the net assets
Answer
Answer: A
Explanation:
Income is associated with an increase in economic benefits during an accounting period, so a decrease in economic benefits is not considered income.
- Tags: Economic Benefits, Financial Statements, Income
- Level: Level 1
- Topic: Elements of Financial Statements
- Series: MAY 2015
- Uploader: Joseph