Introduction Accounting income is often used as the basis for an indication of the result of operation of an entity, a criterion of dividend payments, the basis for taxation on income, a determining factor in wage fixing, a guide to management and so on. Question 1 Economist generally defined income in terms of well-offness. The purpose of income calculation in practical affairs is to give people an indication of the amount that they can consume without …
showed first 75 words of 1952 total

showed last 75 words of 1952 total
…Accounting Standards'; Financial Accounting Standards Board; 1978; Connecticut Barton A.D; 'Objectives and Basic Concepts of Accounting'; Australian Accounting Research Foundation;1982; Australia Whittred G, Zimmer I, Taylor S; 'Financial Accounting Incentive Effects and Economic Consequences'; Harcourt; 2000; Australia Farrell B, Lim S; 'Selected Readings in Accounting Theory'; University of Technology, Sydney;p 1995; Sydney Parker C.; 'Accounting Handbook 2000'; Prentice Hall; 2000; Australia Epstein B.J, Mirza A.A; 'Interpretation and Application of International Accounting Standards 1999'; Wiley; 1999; USA