Question Details

Improvements are often referred to as betterments and involve the substitution of a better asset 



TRUE OR FALSE:
1.	The fair value of an asset acquired through a government grant can be recorded as deferred revenue and recognized as income over the life of the asset.

	2.	One way of recognizing a government grant is to deduct the grant from the carrying amount of the assets received from the grant.

	3.	Costs incurred subsequent to the acquisition of an asset are capitalized if it is probable that the company will obtain future economic benefits.

	4.	Improvements are often referred to as betterments and involve the substitution of a better asset for the one currently used.

	5.	Companies always treat gains or losses from an involuntary conversion as part of discontinued operations.




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