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How should the sinking fund be reported in the company

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Reference no: EM132887704

Problem 1: An independent trustee holds cash in the sinking fund account representing the annual deposits it the fund and the interest earned on those deposits. How should the sinking fund be reported in the company's balance sheet?

a. The entire balance in the sinking fund account should appear as a current asset

b. The cash in the sinking fund should appear as a current asset

c. Only the accumulated deposits should appear as a noncurrent asset

d. The entire balance in the sinking fund account should appear as noncurrent asset

Problem 2: Government grant in recognition of specific expense is recognized as income

a. Immeditely

b. Maximum of 5 years

c. Over the sme period as the relevant expense

d. It shall not be recognized

Problem 3: Government grant related to non depreciable asset that requires fulfillment of certain conditions.

a. Should be recognized as income over the periods which bear the cost of meeting the conditions

b. should be recognized as income immediately.

c. Should be recognizes as income over 40 years.

d. should not be recognized as income.

Reference no: EM132887704

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