The term used in the Framework for the Preparation and Presentation of Financial Statements for income which arises in the course of the ordinary activities of an entity is:
A) revenue.
B) gain.
C) fees.
D) profit.

Question

Quizplus · Accepted Answer

Revenue is the term used specifically in the Framework for the Preparation and Presentation of Financial Statements for income that arises in the course of the ordinary activities of an entity. Gain and fees could also be sources of income, but they are not the specific term used in the framework. Profit is a broader term that includes revenues and gains, but also takes into account expenses and losses.

The Term Used in the Framework for the Preparation and Presentation