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      Question

      With respect to AS 12 (Accounting for Government

      grants), which of the following statement is incorrect?
      A This standards does not deal with government assistance other than in the form of government grants Correct Answer Incorrect Answer
      B This standards does not deal with government participation in the ownership of the enterprise Correct Answer Incorrect Answer
      C This standard deals with accounting for government grants. Government grants are sometimes called by other names such as subsidies, cash incentives, duty drawbacks, etc. Correct Answer Incorrect Answer
      D This standard deal with the special problems arising in accounting for government grants in financial statements reflecting the effects of changing price or in supplementary information of a similar nature Correct Answer Incorrect Answer

      Solution

      The correct answer is D

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