Profit is not defined in the AASB Framework:
A) Because it is simply the difference between income and expenses, both of which are defined.
B) As it is an intangible item and therefore cannot be properly defined.
C) Because different measurement methods will give different profits, therefore there cannot be one definition.
D) As it is clearly defined under AASB 101.
E) None of the given answers.

Question

Quizplus · Accepted Answer

The Answer of Profit is not defined in the AASB Framework:
A) Because it is simply the difference between income and expenses, both of which are defined.
B) As it is an intangible item and therefore cannot be properly defined.
C) Because different measurement methods will give different profits, therefore there cannot be one definition.
D) As it is clearly defined under AASB 101.
E) None of the given answers.

Profit Is Not Defined in the AASB Framework