Post Utme Lead City University 2023 Accounting Question 13

Practice objective / multiple choice question 13 from the 2023 Post Utme Lead City University Accounting examination.

Post Utme Lead City University 2023 Accounting Objective / Multiple Choice
Question 13 POST_UTME_LEAD_CITY_UNIVERSITY • 2023 • ACCOUNTING • objective

A public sector entity receives a grant of ₦1,000,000. What is the accounting treatment for the grant?

Answer Options

Correct Answer A. The grant is recorded as revenue.
B. The grant is recorded as an asset.
C. The grant is recorded as a liability.
D. The grant is not recorded in the financial statements.
Correct Answer
A
Correct Option:
The grant is recorded as revenue.

About This Question

This is Post Utme Lead City University 2023 Accounting Question 13. It is one of the objective questions from the 2023 Post Utme Lead City University Accounting examination.

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