S1: government grant in recognition of specific costs is recognized as income over the same period as related expense. S2: Government grant that becomes receivable as compensation for expenses or losses already incurred should be recognized as income of the period in which it becomes receivable. S1 is TRUE and S2 is FALSE S1 is FALSE ans S2 is TRUE Both statements are TRUE Both statements are FALS

S1: government grant in recognition of specific costs is recognized as income over the same period as related expense. S2: Government grant that becomes receivable as compensation for expenses or losses already incurred should be recognized as income of the period in which it becomes receivable. S1 is TRUE and S2 is FALSE S1 is FALSE ans S2 is TRUE Both statements are TRUE Both statements are FALS

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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Repayment of grant related to income shall be Recognized as component of other comprehensive income Charged to retained earnings Expensed immediately Applied first against the deferred income balance and any excess shall be recognized immediately as an expense
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