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?
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1 .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
2 .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
3 .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.
A All three B 1 and 2 only C 1 and 3 only D 2 and 3 only
4 .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
5 .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...
7 .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
8 .On 1 January 20X1 Emex received a government grant of USD100,000 to assist in the purchase of new machinery costing USD1,000,000 with a useful life of five years. The grant is repayable on a sliding scale if the machine is sold within five year; that is the full amount if sold in the first year, 80% if sold in the second year and so on. The management of Emex intends to use the machine for five years.The accounting policy is to offset the grant against the cost of the asset.What will be the depreciation expense for the year ended 31 December 20X2 and what provision will be required for the repayment of the grant as at 31 December 20X2?
A Depreciation charge USD000：180；Provision USD000： 60 B Depreciation charge USD000：180 ；Provision USD000：Nil C Depreciation charge USD000：200 ；Provision USD000：60 D Depreciation charge USD000：200；Provision USD000： Nil
9 .What is the definition of an investment property according to IAS 40 Investment Property?
A An investment in land and or buildings whether let to third parties or occupied by an entity within the group B A property owned and occupied by an entity for its own purposes C A property which is held to earn rentals or for capital appreciation D An investment in land and or buildings other than...
10 .IAS 40 Investment Property gives examples of investment properties, which include some of the following:(1) Property held for long-term capital appreciation(2) Property leased to another entity on a finance lease(3) Property leased out under one or more operating leases(4) Owner-occupied property(5) Land held for an undetermined future use(6) Property occupied by employeesWhich of the above are listed by IAS 40 as examples of an investment property?
A 1, 5 and 6 only B 1, 3 and 5 only C 2, 3 and 4 only D 2, 4 and 6 only
