alleryStart learning →Revenue from letting others use assets is recognized when?
AAt contract signing
BAt the end of asset life
COnly when cash is banked
DAs time passes or use occurs
Answer & Solution
Correct answer: D. As time passes or use occurs
Revenue from permission to use assets accrues with the passage of time or with usage.
Keep practising Ind AS 115 Revenue from Contracts with Customers
Browse all Ind AS 115 Revenue from Contracts with Customers questions for CA Final, or explore more Financialreporting topics.
Related questions
Repayment of debt principal belongs to which activity?In the indirect method, an increase in an asset account is treated how?The indirect method of cash flow preparation starts from what?Purchase or sale of an asset is classified under which activity?Under IAS 7, where may interest paid be reported?Which item does a cash flow statement exclude as a non-cash transaction?Why can a profitable company still run short of cash?A cash flow statement splits cash flows into which three?