In Relation to the Recognition and Realisation of Income, Which

Multiple Choice

In relation to the recognition and realisation of income, which statement is correct?

A) Recognition of income means including it in the income statement as part of the profit calculation.
B) Income from a credit sale is normally recognised in the statement of financial performance when the cash is received.
C) The realisation convention has replaced the income recognition criteria contained in the Conceptual Framework.
D) All of the statements are correct.