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

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Definitions:

Reject

In statistics, to refuse the null hypothesis based on evidence from sample data meeting a predetermined significance level.

Interaction Effect

In statistics, the effect that an independent variable has on the outcome variable depends on or varies according to the levels of one or more other independent variables.

F-Ratio

A statistical value used to compare variances in ANOVA tests, determining if there are significant differences between group means.

Research Hypothesis

A proposed explanation or prediction about a relationship that can be tested through study and experimentation.