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Which of the following is incorrect about the new revenue standard (AASB15 Revenue from contracts with customers): Income consists of revenue and gains. Revenue is

Which of the following is incorrect about the new revenue standard (AASB15 Revenue from contracts with customers):

Income consists of revenue and gains.

Revenue is recognised based on when the money is received by the seller.

Revenue is income arising in the course of an entity s ordinary activities.

None of the answers.

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