State whether each of the following is true or false. 1. Income means the same as revenue.

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State whether each of the following is true or false.

1. ‘Income’ means the same as ‘revenue’.

2. All ‘revenue’ is ‘income’.

3. ‘Gains’ are always recognised net under IFRSs.

4. ‘Revenue’ must always be in respect of an entity’s ordinary operations.

5. ‘Gains’ must always be outside of an entity’s ordinary operations.

6. Services provided under a construction contract are accounted for under AASB 15/IFRS 15.

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Financial Reporting

ISBN: 9780730396413

4th Edition

Authors: Janice Loftus, Ken Leo, Sorin Daniliuc, Belinda Luke, Hong Nee Ang, Mike Bradbury, Dean Hanlon, Noel Boys, Karyn Byrnes

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