Homework Answers
a. If the liabilities are forgiven then there will be rise in the revenue as the amount which was payable earlier is not being paid and written back,
b. Sale of goods on credit will definitely give rise to revenues as sales are always on profit.
c. Disposing of assets at the book value will not give rise to revenues as the book value of the asset is the cost minus accumulated depreciation and if the asset is sold at the higher than the book value then only it give rise to revenues. Therefore, the disposal of asset for book value will not give rise to revenues.
d. Receiving government grants will give rise to revenues as this will be recognised as income either in the year of receipt or over the period of time
e. Cash received for services provided will give rise to revenues as this the main source of revenue for service industry.
Correct answer: c. Disposing of assets for book value.
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