EPFO 2017 English Medium Solved Paper

In case of gold, revenue is recognised in the accounting period in which the gold is mined. According to accounting guidelines-9 in any business entity revenue is recognised till the object is sold. Revenue is the gross inflow of cash, receivables for other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, rendering of services and from various other sources like interest royalities and dividends.