Do it properly

QUESTION 180 State whether the following statements are 'True' or 'False'. Also give reason for your answer. (1) As per the provisions of AS-5, extraordinary items should not be disclosed in the statement of profit and loss as a part of net profit or loss for the period. (2) As per the provisions of AS-12, government grants in the nature of promoters' contribution which become refundable should be reduced from the capital reserve. (3) As per the provisions of AS-2, inventories should be valued at the lower of cost and selling price