📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!


    Question

    If a government grant is received but later becomes

    refundable, how should it be accounted? 
    A By recording it under contingent liabilities Correct Answer Incorrect Answer
    B As an expense in the year of refund Correct Answer Incorrect Answer
    C By treating it as a liability in the financial statements Correct Answer Incorrect Answer
    D By adjusting it against future government grants Correct Answer Incorrect Answer

    Solution

    The correct answer is C

    Practice Next
    ask-question

    Not sure which exam is best for you Talk to our expert

    Get My Free Call