Income measurement is a fundamental accounting concept, and yet the computation of periodic income has caused the accounting profession some difficulty.Economists and accountants have long debated what constitutes income and how it should be measured.The capital maintenance and transactional methods have been advocated as means of determining and measuring periodic income.Discuss these two income concepts.

Question

Quizplus · Accepted Answer

The Answer of Income measurement is a fundamental accounting concept, and yet the computation of periodic income has caused the accounting profession some difficulty.Economists and accountants have long debated what constitutes income and how it should be measured.The capital maintenance and transactional methods have been advocated as means of determining and measuring periodic income.Discuss these two income concepts.

Income Measurement Is a Fundamental Accounting Concept, and Yet the Computation