When a Non-Current Asset Is Revalued,the Recognition of Future Tax

question 76

True/False

When a non-current asset is revalued,the recognition of future tax associated with an asset that has a fair value in excess of cost,acts to reduce the amount of the revaluation reserve.

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Definitions:

Bloodshed

The act of killing or wounding people, usually in a violent conflict or battle.

Centralized Authority

A system of governance where power and decision-making responsibilities are concentrated in a central body or a few bodies.

Soviet

A governing council in the former Soviet Union, or a local workers' council in Russia pre- and post-Revolution.

Council

A body of elected or appointed members convened to deliberate and make decisions on administrative or legislative issues.