(a) explain the main difference between the economic concept of business income as reflected by Lopez's manage and measurement of income under generally accepted accounting princibles.

(b) discuss the factors to be considered in determining when revenue should be recognized for the purpose of accounting measurement of periodic income.

(c)is the belief of lopez's management in accordance with generally accepted accounting principles for the measurement of revenue and expense for the year ended May 31, 2010? support your opinion by discussing the application to this case of the factors to be considered for asset meqsurement and revenue and expense recognition