Under the FASB's Concept Statement No 6,the statement that is correct is:
A)There is no distinction between expenses and losses
B)Losses are regarded as always arising outside the course of the ordinary activities of the entity
C)The treatment of losses is similar to that of the Framework
D)All of the statements are correct

Question

Quizplus · Accepted Answer

According to FASB's Concept Statement No. 6, losses are regarded as always arising outside the course of the ordinary activities of the entity. Option A is incorrect since there is a clear distinction between expenses and losses. Option C is also incorrect since the treatment of losses is different from that of the Framework. Option D is incorrect as only option B is correct.

Under the FASB's Concept Statement No 6,the Statement That Is