Which Statement Is Not Correct

question 5

Multiple Choice

Which statement is not correct?

• A) Revenue is a subset of income
• B) Under AASB 118, revenue is defined as a gross flow which means that amounts collected on behalf of third parties, such as goods and services taxes, are excluded from revenue
• C) AASB 118 applies to revenue arising from disposal of assets other than goods, contributions of assets and forgiveness of liabilities
• D) None of the above, i.e., all are correct statements