Which TWO of the following statements about IAS 20 Accounting forGovernment Grants and Disclosure of Government Assistance are true?A A government grant related to the purchase of an asset must be deducted from thecarrying amount of the asset in the statement of financial position.B A government grant related to the purchase of an asset should be recognised inprofit or loss over the life of the asset.C Free marketing advice provided by a government department is excluded from thedefinition of government grants.D Any required repayment of a government grant received in an earlier reportingperiod is treated as prior period adjustment.

Which of the following might be included as a reconciling item in reconciling governmental fund financial statements to the government-wide financial statementsa.Acquisition of capital assets is reported as expenditure in the governmental fund financial statements but as capital assets in the government-wide financial statements.b.Bond issuances are reported as an other financing source in a governmental fund but as a long-term liability in the government-wide financial statements.c.Some expenses reported in the government-wide financial statements are not reported as expenditures in the governmental fund financial statements.d.All of the stated options

ash receipts and disbursements related to operations, investments, and financing are reported on the Blank______.Multiple choice question.statement of cash flowsincome statementbalance sheetledger

Which of the following does not require disclosure in an entity’s accounting policy note?Group of answer choicesthe fact that the entity has adopted the accruals basis of accountingthe measurement bases used in the preparation of the financial statementsthe financial reporting framework applied in the preparation of the financial statementsa description of the key accounting policies of the entity

Which of the following is not a disclosure requirement under IAS 23?a.Segregation of assets that are “qualifying assets” from other assets on the statement of financial position or as a disclosure in the footnotes to the financial statements.b.Capitalization rate used to determine the amount of borrowing costs eligible for capitalization.c.Accounting policy adopted for borrowing costs.d.Amount of borrowing costs capitalized during the period.

Which of the following statements is/are correct about employee benefits?*1 pointEmployee benefits are recognized as expense when employees have rendered services, except to the extent that the employee benefits form part of the cost of another asset.Any unpaid short-term benefits at the end of the reporting period shall be recognized as accrued expenseAny unpaid short-term benefits paid in advance shall be recognized as an asset to the extent, that it will lead to a reduction in future payments or a cash refundAll of these are correct