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Types of Compensated Absences in Accounting

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Types of Compensated Absences in Accounting

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Questions and Answers

How are monetary grants typically measured?

At the discounted value of the loan payable

At the historical cost of the asset received

At the nominal value of the asset received

At the fair value of the amount receivable (correct)

What is the main concept in accounting for government grants?

The Going Concern Concept

The Accrual Concept

The Cost Principle

The Matching Concept (correct)

How are non-monetary grants typically measured?

At the discounted value of the asset received

At the nominal value of the asset received

At the fair value of the non-monetary asset received (correct)

At the historical cost of the asset received

How are government grants related to assets presented in the statement of financial position?

Either by gross or net presentation Signup and view all the answers

What is the purpose of the matching concept in accounting for government grants?

To recognize the grant as income as the entity recognizes the related expense Signup and view all the answers

How are government grants related to income presented in the income statement?

Either by gross or net presentation Signup and view all the answers

What is the effect of the net presentation method on the carrying amount of the asset?

It decreases the carrying amount of the asset Signup and view all the answers

What happens when a government grant is repaid?

It is recognized as expense Signup and view all the answers

What is the benefit of the matching concept in accounting for government grants?

It matches the grant with the related expense, providing a more accurate picture of the entity's financial performance Signup and view all the answers

Why is the fair value of the non-monetary asset received used to measure non-monetary grants?

Because it is a more accurate representation of the asset's value Signup and view all the answers