Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please answer all the questions immediately thankyou 33. Under PAS 20. Grants are (1 Point) Recognized in profit or loss on a systematic basis over

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

please answer all the questions immediately thankyou

33. Under PAS 20. Grants are (1 Point) Recognized in profit or loss on a systematic basis over the periods in which the entity recognized the related expense Credited directly to a shareholders' equity account since it increases the asset Not recognized but only warrants disclosure in the notes to the financial statements of the entity 0 Recognized immediately in the profit or loss 34.Statement | - For an item of PPE that was acquired on account, the cost must be equal to the invoice price less discount whether or not it was taken. Statement 11 - If the PPE is acquired in exchange for issuance of bonds payable, the first priority in measuring the cost of the PPE is the fair value of the bonds payable issued. (1 Point True True KUD True False False: False False True DUE 35. The proper classification of Deferred grant income is (1 Point) Partly Current liability and partly non-current liability Partly Non-Current Asset and partly non-current liability Component of the Statement of domprehensive income Current Liability for the full amount 36. How should an enterprise account for a non-monetary government grant?* 0. (1 Point) Record the asset at nominal value and the grant at fair market value Record the asset at fair market value and the grant at a nominal amount Record the asset and the grant at fair market value Record the asset and the grant at an estimated amount of the management

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Security Audit And Control Features Oracle E Business Suite

Authors: Deloitte Touche Tohmatsu Research Team And Isaca

3rd Edition

1604201061, 978-1604201062

More Books

Students also viewed these Accounting questions

Question

b. To what degree is education of women supported in the country?

Answered: 1 week ago