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The term used in the Framework for the Preparation and Presentation of Financial Statements for income...

The term used in the Framework for the Preparation and Presentation of Financial Statements for income which arises in the course of the ordinary activities of an entity is: 


Select one: 

  • a profit. 

  • b. gain. 

  • c. fees. 

  • d. revenue.

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Answer #1

Answer : Option d - Revenue

Revenue ia the term for income which arises from the ordinary activities of an entity.

Profits and gains are basically reached by reducing the expenses from the Income.

Fees is a specific kind of income which can be a part of Revenue.

Comment if you need explanations or have any doubts.

Please Upvote the answer if you find this helpful. thankyou.

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Answer #2

The term used is revenue because it arises from the ordinary business activities

source: my accounting notes
answered by: Lisha Jim
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