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      Question

      Accounting Standard AS 9 (Revenue Recognition) deals

      with the bases for recognition of revenue in the statement of profit and loss of an enterprise. The Standard is concerned with the recognition of revenue arising in the course of the ordinary activities of the enterprise from which of the following activities?   1.      The sale of goods 2.      The rendering of services 3. The use by others of enterprise resources yielding interest, royalties and dividends.
      A All except 1 Correct Answer Incorrect Answer
      B All except 2 Correct Answer Incorrect Answer
      C All except 3 Correct Answer Incorrect Answer
      D All except 1, 2 Correct Answer Incorrect Answer
      E All correct Correct Answer Incorrect Answer

      Solution

      This Standard AS 9 (Revenue Recognition) does not deal with the following aspects of revenue recognition to which special considerations apply: 1.      Revenue arising from construction contracts 2.      Revenue arising from hire-purchase, lease agreements 3.      Revenue arising from government grants and other similar subsidies 4.      Revenue of insurance companies arising from insurance contracts.

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