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Profit is not defined in the Australian Accounting Stand
ards Board (AASB)
Conceptual 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 dif
ferent profits, therefore
there cannot be one definition.
D.
as
it is clearly defined under AASB 101
"Presentation of Financial
Statements"
.
Answer & Explanation
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