Question

If a government grant is received but later becomes refundable, how should it be accounted? 

A By recording it under contingent liabilities
B As an expense in the year of refund
C By treating it as a liability in the financial statements
D By adjusting it against future government grants
Practice Next

Hey! Ask a query

🎓
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
  • 200 Questions with Detailed Solutions
  • Section-wise Coverage (GA, English, Quant & Reasoning)