Which of the following meets the definition of “revenue” under AASB 15?Group of answer choicesGain on the sale of equity securities held as investmentsRevaluation increases on the revaluation of operating propertiesAmounts of receivable from customers who have purchased an online serviceGain on the sale of an investment property
Question
Which of the following meets the definition of “revenue” under AASB 15?Group of answer choicesGain on the sale of equity securities held as investmentsRevaluation increases on the revaluation of operating propertiesAmounts of receivable from customers who have purchased an online serviceGain on the sale of an investment property
Solution
The definition of "revenue" under AASB 15 (Australian Accounting Standards Board) is the income that a company receives from its normal business activities, usually from the sale of goods and services to customers.
So, out of the given options, the one that meets the definition of “revenue” under AASB 15 is "Amounts of receivable from customers who have purchased an online service". This is because it involves income received from the sale of a service to customers, which is a company's normal business activity.
The other options involve gains from sales of investments or revaluation of properties, which are not considered normal business activities, and therefore do not meet the definition of "revenue" under AASB 15.
Similar Questions
defines 'revenue'?
Which of the following are included in the scope of AASB 15/IFRS 15 Revenue from Contracts with Customers?I. Insurance contracts.II. Subscriptions.III. Accounting for investments in associates.IV. Accounting for share of joint venture revenue. Reading required: Learning objective 16.1 on page 518Group of answer choicesII and III only.I and IV only.II only.II and IV only.
Revenue is defined as:Question 7Answera.The present value of future cash flows from customersb.Economics benefits in the form of increases in the value of assets or decreases in the value of liabilities result in an increase in equity, other than those relating to contributions from equity participantsc.Economics benefits in the form of increases in the value of assets or decreases in the value of liabilities that result in an increase in equity and arising from operating activitiesd.Money received from customers
Revenue is calculated as the number of units sold multiplied by the profit generated per unit.Group of answer choicestruefalse PreviousNext
Revenue is defined as Blank______.Multiple choice question.sales plus other money coming into the firmnet sales minus cost of goods soldnet sales plus returns, discounts, and allowancesgross sales minus net sales
Upgrade your grade with Knowee
Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.