Which of the following accounting policies for grants related to assets is allowed under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(1) Deduct from the cost of related asset in the statement of financial position.(2) Include in liabilities in the statement of financial position.(3) Credit profit and loss immediately with cash received.
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1 .Digger commenced contract X47 on 1 July 20X3. Performance obligations under the contract are to be satisfied over time and the stage of completion is regularly assessed. Details for the first year of the contract were as follows: USD Amounts invoiced Costs incurred at date of 2,400 last assessment 1,800 Costs incurred since last assessment 200 Amounts received 2,100 Total contract price 4,200 Estimated costs to complete 1,200 Survey of performance completed 2,520 The company invoices the customer immediately it receives an assessment of the value of the work done.What should Digger include as cost of sales for the X47 contract for the year ended 30 June 20X4, assuming revenue is based on performance completed?
A USD1,800,000 B USD1,828,000 C USD1,920,000 D USD2,000,000
2 .Augustus is involved in a number of contracts at 30 September 20X3, the contracts have been assessed as contracts where the performance obligation is satisfied over a period of time. The company calculates revenue on an output basis using the value of performance completed.At that date the following information is available with respect to contract ZX45: USD Contract price 225 Costs incurred to date 115 Estimated further costs to completion 65 Survey of performance completed 125 Amounts invoiced and paid by customer 145 This contract is with a new customer. Augustus required the customer to pay an up-front deposit that is included in the amounts invoiced and paid.What amount should be included in the statement of financial position of Augustus in respect of contract ZX45 as at 30 September 20X3?
A Nil B USD5,000 liability C USD5,000 asset D USD20,000 liability
3 .B entered into a three-year contract to build a leisure centre for an entity. The contract value was USD 6 million. B recognises profit on the basis of certified work completed.At the end of the first year, the following figures were extracted from B's accounting records: USD 000Certified value of work completed （progress payments billed） 2,000Cost of work certified as complete 1,650Cost of work-in-progress （not included in completed work） 550Estimated cost of remaining work required to complete the contract 2,750Progress payments billed and received from entity 1,600Cash paid to suppliers for work on the contract 1,300What values should B record for this contract as “gross amounts due from customers” and “current liabilities – trade and other payables”?
A Gross amounts due from customers：USD 950,000；Current liabilities – trade and other payables：USD 350,000 B Gross amounts due from customers：USD 950,000；Current liabilities – trade and other payables：USD 900,000 C Gross amounts due from customers：USD 1,250,000；Current liabilities...
4 .C started work on a four-year contract on 24 October 20X1. C recognises profit on the basis of the certified percentage of work completed. The contract price is USD 10 million.An analysis of C’s records provided the following information for the year to 30 September 20X3:Percentage of work completed and certified in year 25% Total cost incurred during the year USD 1,700,000Estimated cost of remaining work to complete contractUSD 3,900,000Total payments made for the cost incurred during the year USD 2,000,000In the year ended 30 September 20X2 costs of USD 2,900,000 had been incurred, the contract was 30% complete and a profit of USD 330,000 had been recognised.How much profit should C recognise in its statement of profit or loss for the year ended 30 September 20X3?
A USD 330,000 B USD 375,000 C USD 495,000 D USD 825,000
5 .Under what circumstances is it appropriate to immediately recognise a loss on a construction contract?
A After work has commenced on the contract B After 50% stage of completion of contract activity C When it is probable that total contract costs will exceed total contract revenues D All of the above
7 .Under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, what is the correct term for a loan which the lender undertakes to waive repayment of under certain conditions?
A A forgivable loan B A non-payable loan C A non-recourse loan D A recourse loan
8 .Under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance, how are government grants related to depreciable assets treated in the profit or loss?
A The government grant is recognised over the period and in the proportions in which depreciation expense on those assets is recognised B The government grant must be recognised in the year in which the depreciable asset is received and the following year only C The government grant must be recognis...
9 .IAS 20 Accounting for Government Grants and Disclosure of Government Assistance defines government assistance as an action by government designed to provide an economic benefit specific to an entity qualifying under certain criteria.Which of the following is an example of government assistance?
A Free technical or marketing advice B Provision of infrastructure by improvement to the general transportation network C Supply of improved facilities such as irrigation D A cash grant to buy a new item of plant
10 .Which of the following disclosures for government grants is required under IAS 20 Accounting for Government Grants and Disclosure of Government Assistance?(1) The accounting policy adopted for government grants.(2) The nature and extent of government grants recognised in the financial statements.(3) Unfulfilled conditions and other contingencies attached to government assistance that have been recognised.
A 1 only B 1 and 2 only C 1 and 3 only D 1, 2, and 3
