1TOPIC 5: INCOME STATEMENT TUTORIAL QUESTIONS T&G Chapter 12 Discussion Questions (p. 544):DQ 12.4; 12.5. Additional Questions: See below. The questions will be discussed in the order shown below. ☺Remember – your tutor is best able to help you if you have prepared the tutorial questions.1.What is the difference between income and revenue? (Hint: See the Framework) 2.T&G Discussion Question 12.4. 3.T&G Discussion Question 12.5. 4.What are the different categories of revenue found in AASB118 Revenue? 5.Explain the recognition criteria for each of the categories of Revenue in AASB118. 6.Summarise the disclosure requirements for Income & Expense. 7.Prepare an Income Statement in accordance with AASB101& AASB118for Rolling Ltd for the year ended 31stDecember 2009 using the following information: a. Rolling Ltd earns sales revenue of $60,500,000 for the year. b. Rolling Ltd received $5,000,000 for management services provided to various companies throughout the year. Of this amount, $500,000 represents monies received in advance from Stones Ltd. Rolling Ltd estimates they have fulfilled half of contracted
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