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According to the IASB Framework, the financial statement element that is defined as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants, is
Choice A – Revenue
Choice B – Income
Choice C – Profits
Choice D – Gains
Choice "B" is correct as the IASB Framework has five elements: as...