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15. Grants shall not be recognized on a cash basis as this is not consistent with GAAP.

15. Grants shall not be recognized on a cash basis as this is not consistent with GAAP.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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help me to identify whether the statement is true or false
15. Grants shall not be recognized on a cash basis as this is not consistent with GAAP. 16. Adjusting events after the reporting period are those that provide evidence of conditions that exist at the beginning of the reporting period. 17. Residual value is the estimated net amount currently obtainable if the asset is at the beginning of the useful life. 18. Nonadjusting events after reporting period are those that are indicative of conditions that arise on or before the end of reporting period. 19. Events after the reporting period are also known as subsequent events. 20. FIFO is in accordance with the ordinary merchandising procedure that the goods are sold in the order they are purchased.
Transcribed Image Text:15. Grants shall not be recognized on a cash basis as this is not consistent with GAAP. 16. Adjusting events after the reporting period are those that provide evidence of conditions that exist at the beginning of the reporting period. 17. Residual value is the estimated net amount currently obtainable if the asset is at the beginning of the useful life. 18. Nonadjusting events after reporting period are those that are indicative of conditions that arise on or before the end of reporting period. 19. Events after the reporting period are also known as subsequent events. 20. FIFO is in accordance with the ordinary merchandising procedure that the goods are sold in the order they are purchased.
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