Reference no: EM132995964
Problem 1: Which is true regarding government grant related to asset?
Group of answer choices
Option 1: Depreciation is higher if the grant is a deferred revenue and net income is not affected.
Option 2: Depreciation is higher if the grant is recorded as an adjustment to the asset.
Option 3: Depreciation is higher and net income lower if the grant is recorded as deferred revenue.
Option 4: Depreciation is higher and net income lower if the grant is an adjustment to the asset.
Problem 2: In accounting for plant assets, which of the following outlays made subsequent to acquisition should be fully expensed in the period the expenditure is made?
Group of answer choices
Option 1: Expenditure made to maintain an existing asset so that it can function in the manner intended
Option 2: Expenditure made to add new asset services
Option 3: Expenditure made to increase the efficiency or effectiveness of an existing asset
Option 4: Expenditure made to extend the useful life of an existing asset beyond the time frame originally anticipated
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Which plant and equipment should be
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