What determines the treatment of research grants from private foundations? a) Record as revenue when received b) Match expenses with grant conditions c) Defer until project completion. d) Recognize based on time periods

What determines the treatment of research grants from private foundations? a) Record as revenue when received b) Match expenses with grant conditions c) Defer until project completion. d) Recognize based on time periods

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 1MC: A donated fixed asset (from a governmental unit) for which the fair value has been determined should...

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Question

Which is correct?

What determines the treatment of research grants from private
foundations?
a) Record as revenue when received
b) Match expenses with grant conditions
c) Defer until project completion.
d) Recognize based on time periods

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Which of the following is true regarding government grant related to asset? *a. Depreciation is higher and net income lower if the grant is recorded as deferred revenueb. Depreciation is higher and net income lower if the grant is an adjustment to the assetc. Depreciation is higher if the grant is a deferred revenue and net income is not affectedd. Depreciation is higher if the grant is adjustment of the asset
When an asset acquired through government grants is recorded using the capital approach, Select one: a. assets and liabilities increase by the cost of the asset. b, assets and equity increase by the fair value of the asset. C. assets and equity increase by the cost of the asset. d. assets and liabilities increase by the fair value of the asset.
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Under IFRS a. research and development expenditures are expensed in the period incurred. b. research and development expenditures are capitalized and amortized. c. development expenditures that meet certain criteria are capitalized and amortized; research expenditures are expensed in the period incurred. d. research expenditures that meet certain criteria are capitalized and amortized; development expenditures are expensed in the period incurred.
A donated fixed asset (from a governmental unit) for which the fair value has been determined should be recorded as a debit to Fixed Assets and a credit to: a. Contributed Capital b. Retained Earnings c. Deferred Income d. Other Income
A donated fixed asset （from a governmental unit) for which the fair value has been determined should be recorded as a debit to Fixed Assets and a credit to: a. Contributed Capital b. Retained Earnings c. Deferred Income d. Other Income
A government grant related to should be
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