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Under Ind AS 115, when is revenue recognised?

  1. A When control of goods or services transfers to the customer
  2. B When cash is received
  3. C When the invoice is raised
  4. D At the end of the financial year
Answer

When control of goods or services transfers to the customer

The five-step model identifies the contract and performance obligations, determines and allocates the price, then recognises revenue on satisfaction.

All CA MCQs

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