Which of the following statements are correct?

(i) Problems of revenue recognition would not have arisen if accounting applied the venture concept or recognised earnings only upon receipt in cash

(ii) The sale of an item with a warranty to restore it to workable condition up to a year after sale may be recognised as income if the commitment involved can be measured

(iii) No income is recognised unless its amount is established objectively

(iv) Exchange of items of similar nature and value is neither recognised as a transaction nor is income thereon recognised

Transcribed Image Text:

ai only bi and ii ci, ii and iii di, ii, iii and iv