The FASB's conceptual framework defines a(n) _____ as inflows or other enhancements of assets of an entity or settlements of its liabilities from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.
A)assets
B)liabilities
C)equities
D)revenues
E)expenses

Question

Quizplus · Accepted Answer

The FASB's conceptual framework defines revenues as inflows or other enhancements of assets of an entity or settlements of its liabilities from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations.

The FASB's Conceptual Framework Defines A(n) _____ as Inflows or Other