The definition of income encompasses the following criteria, except:
A) increases in economic benefits.
B) control of increases in economic benefits by the entity.
C) including capital contributions from owners.
D) results in increases in equity.

Question

Quizplus · Accepted Answer

The definition of income includes increases in economic benefits, control of those benefits by the entity, and results in increases in equity. However, capital contributions from owners are not included in the definition of income as they do not result in increases in economic benefits.

The Definition of Income Encompasses the Following Criteria, Except