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Q5) A. Revenue recognition is the determination of the point and the amount at which income is accounted for B. Income should not be accounted

image text in transcribed Q5) A. Revenue recognition is the determination of the point and the amount at which income is accounted for B. Income should not be accounted for unless inflow of economic benefit is probable, and the amount thereof may be estimated reliably C. A sale made subject to the customer right to return within a week should Not be recognised as income until that week is over D. Income should not be accounted for unless it is received in cash Which of the above statements are correct? 1) A,B and C 2) A, B and D 3) A and B 4) A and D

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