Question

Select the incorrect statement regarding relevant revenues-relevant revenues differ between the alternatives being considered-past or future revenues may be relevant-relevant revenues must make a difference in the decision under consideration-relevant revenues are identified in the same way as relevant costs

Answer 1

Answer: The incorrect statement regarding relevant revenues is "past or future revenues may be relevant-"

Explanation:  

Relevant revenue is one that differ between the options that are relevant to a decision. If an income will be the same regardless of the option selected, the decision has no effect on the income.

So The relevant revenue is future.

A past income has already happened and will be the same regardless of the decision that is made, therefore it is not relevant when making a decision.