state whether the following statements are true or false 562270

State whether the following statements are True or False

  1. Revenue is the gross inflow of cash.
  2. Net receipts are recognised as revenue.
  3. Flow of revenue must be related to a particular specific period only.
  4. Revenue includes capital introduced by the owner.
  5. Professionals follow accrual accounting basis only.
  6. Revenue is recognised only at the time of sale of products or performance of services.
  7. AS–9 deals with valuation of inventories.
  8. Appreciation in the value of fixed assets is an important item for revenue recognition.
  9. Revenue recognition is mainly concerned with the timing of recognition of revenue in the profit and loss account.
  10. Revenue should be recognised when the equipment is installed and accepted by the customer.
  11. Realisation principle is applicable to the recognition of expenses also.
  12. Direct identification of expenses with revenues is essential in recognition of expenses.

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