In 2011, a government university was awarded a federal reimbursement grant of $18 million to carry out research.Of this, $12 million was intended to cover direct costs and $6 million to cover overhead.In a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government.It expected to incur the remaining costs and collect the remaining balance in 2012.For 2011 it should recognize revenues from the grant of

Question

Quizplus · Accepted Answer

The Answer of In 2011, a government university was awarded a federal reimbursement grant of $18 million to carry out research.Of this, $12 million was intended to cover direct costs and $6 million to cover overhead.In a particular year, the university incurred $4 million in allowable direct costs and received $3.4 million from the federal government.It expected to incur the remaining costs and collect the remaining balance in 2012.For 2011 it should recognize revenues from the grant of

In 2011, a Government University Was Awarded a Federal Reimbursement