Which of the following statements are correct in respect of a business which produces goods to be held as inventory, ready for sale?

(i) Sales income should not be recognised until a buyer is found and price is agreed on

(ii) Sales income should not be recognised if the buyer is in another country and receipt of the amount depends on whether the buyer receives exchange clearance from government

(iii) Sales income should be recognised only when proceeds are received

(iv) Whether the sale is recognised at point of sale, delivery or invoicing depends on what its practice has been in the past

Transcribed Image Text:

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