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…

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