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This statement is incorrect because revenue recognition is not solely dependent on cash receipt. According to AS-9 (Accounting Standard 9) on Revenue Recognition, revenue should generally be recognized when certain criteria are met, regardless of whether cash has been received. These criteria include: The significant risks and rewards of ownership have been transferred to the buyer. The seller retains no effective control over the goods or services. The amount of revenue can be reliably measured. It is probable that economic benefits associated with the transaction will flow to the seller. The costs incurred or to be incurred in respect of the transaction can be reliably measured. In short, revenue recognition is based on the fulfillment of specific criteria, and cash receipt is not the sole determining factor.
Select the Venn diagram that best represents the relationship between the following classes.
Rivers, Ganga, Water bodies
Select the fourth, seventh, eleventh and thirteenth letters of the word 'CATEGORISATION to form meaningful word(s).
If only one word can be fo...
Read the given statements and conclusions carefully. Assuming that the information given in the statements is true, even if it appears to be at variance...
Select the letter-cluster from among the given options that can replace the question mark (?) in the following series.
GF, KI, OL, SO, ?
What is the median of 5, 2, 7, 8, 1 and 4?
Six parrots P1, P2, P3, P4, P5 and P6 are sitting around a circular table facing towards the centre (Not necessarily in the same order). P2 is second t...
How many squares are there in the given figure?
Select the Venn diagram that best illustrates the relationship between the following classes.
Dubai, Asia, Africa
If the given sheet is folded to form a cube, which of the given figures are possible?
(The elements are shown to indicate the sides only.)
Select the option figure, which when placed in the blank space of the figure marked ‘X’, would complete the pattern.