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1 TOPIC 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 & AASB118 for Rolling Ltd for the year ended 31 st December 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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