Considering the Conceptual Framework, which of the following statements is incorrect? All revenue increases profit. All realised gains increase profit. O All revenue is income. None - all of these statements are correct. All income increases equity. The measurement of which of the following expenses would NOT require a degree of estimation or judgement? Finance costs None - all of these expenses require a degree of estimation or judgement. Long service leave entitlements o Impairment of equipment Occupancy expenses Management is reviewing its draft statement of profit or loss for the period. They are concerned this draft profit result will make next year's bonus target too difficult and are seeking ways to decrease it. Which of the following measures would decrease the draft profit? All of these measures would decrease draft profit. Decrease the estimated warranty provisions. Increase the estimated useful life of a major item of plant and equipment acquired during the period. Decrease the fair value estimate of land carried under the revaluation model. O Increase the allowance for doubtful debts. On 1/11/2020, Asfalisi Insurance Limited entered into an insurance contract with a customer who paid the annual premium of $240,000 on that date. State the dollar amount Asfalisi Insurance Ltd would report as a liability at 30 June 2021. On 1/11/2020, Asfalisi Insurance Limited entered into an insurance contract with a customer who paid the annual premium of $240,000 on that date. State the dollar amount Asfalisi Insurance Ltd would report as a liability at 30 June 2021