Question: Definitions, scope LO1, 2, 3 State whether each of the following is true or false. 1. Income means the same as revenue. 2. Gains

Definitions, scope  LO1, 2, 3 State whether each of the following is true or false. 1. ‘Income’ means the same as ‘revenue’. 2. ‘Gains’ are always recognised net under IFRSs. 3. ‘Revenue’ must always be in respect of an entity’s ordinary operations. 4. ‘Gains’ must always be outside of an entity’s ordinary operations. 5. Services provided under a construction contract are accounted for under AASB 15/IFRS 15.

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