Explain the economists’ and accountants’ concepts of income
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Explain the economists’ and accountants’ concepts of income

7. Explain the economists’ and accountants’ concepts of income. Define Hicks’ concepts of income and critically assess their relevance to financial reporting.

Hint
Accounts and Finance Practical studies of intertemporal dynamic forces of individual income, circulation of individual income, and growth and circulation of national income are all grounded on statistics that depend on some concept of income. The main concept today seems to be the Haig-Simons-Hicks concept of income....
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