Under the Framework,which of these statements is correct?
A) A distinction is made between profit and gains
B) Profit is not defined independently of income and expenses
C) Profit is defined as the amount that can be distributed as a dividend whilst maintaining capital intact
D) None of the statements is correct

Question

Quizplus · Accepted Answer

The Framework defines profit as the difference between income and expenses, not independently of them.

Under the Framework,which of These Statements Is Correct