________ is the gross inflow of economic benefits?
Correct answer: C. Income
- A. Assets
- B. Liabilities
- C. Income
- D. Expenses Government & Public Sector Jobs
Explanation
Income is the gross inflow or increase in economic benefits from activities such as sales or service revenue. Assets are the resources received or controlled as a result, not the inflow itself.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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