According to the FASB conceptual framework, an entity's revenue may result from ……………

CS Executive · Corporate and Management Accounting · PYQS · December 2024
According to the FASB conceptual framework, an entity's revenue may result from ……………
(A) A decrease in an asset from primary operation
(B) A decrease in a liability from primary operation
(C) An increase in a liability from incidental transaction
(D) An increase in an asset from incidental transaction

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Accounting Theory

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