State whether the following statements are True or False
- Revenue is the gross inflow of cash.
- Net receipts are recognised as revenue.
- Flow of revenue must be related to a particular specific period only.
- Revenue includes capital introduced by the owner.
- Professionals follow accrual accounting basis only.
- Revenue is recognised only at the time of sale of products or performance of services.
- AS–9 deals with valuation of inventories.
- Appreciation in the value of fixed assets is an important item for revenue recognition.
- Revenue recognition is mainly concerned with the timing of recognition of revenue in the profit and loss account.
- Revenue should be recognised when the equipment is installed and accepted by the customer.
- Realization principle is applicable to the recognition of expenses also.
- Direct identification of expenses with revenues is essential in recognition of expenses.