Which statement is not correct?
A) Revenue is a subset of income
B) Under AASB 118, revenue is defined as a gross flow which means that amounts collected on behalf of third parties, such as goods and services taxes, are excluded from revenue
C) AASB 118 applies to revenue arising from disposal of assets other than goods, contributions of assets and forgiveness of liabilities
D) None of the above, i.e., all are correct statements
Correct Answer:
Verified
Q2: Which items bypass the profit figure under
Q4: Which of the following categories of revenue
Q6: The inclusion of increments and decrements of
Q7: Which of these items would not be
Q7: The approach where profit is measured as
Q10: Items not included in the operating profit
Q11: Under AASB 101,the nature and amount of
Q12: Benefits attributed to the comprehensive income approach
Q14: In the United States,SFAS 130 requires which
Q18: The concept of profit that is generally
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