4.Which of the follow statements is correct?

Select one:

a.One of the main indicators of whether control has passed to the customer is whether revenue has been earned.

b.One of the five steps in determining whether revenue should be recognized is whether the sale has been realized.

c.One of the criteria that contracts must meet to apply the revenue standard is that collectibility of the sales price must be reasonably possible.

d.None, all of the above are not correct

5. Interest is received on investments in tax-exempt government bonds. This will result in a:

Select one:

a.A permanent difference

b.A temporary difference that will result in future deductible amounts and thus will give rise to a deferred income tax asset

c.A temporary difference that will result in future taxable amounts and thus will give rise to a deferred income tax liability

d.None of the above