Under AASB 116 When an Asset Is Revalued and the Gross

question 36

Multiple Choice

Under AASB 116 when an asset is revalued and the gross method is used,accumulated depreciation:

• A) must be written back to profit.
• B) must be closed off to reduce the asset account.
• C) is ignored during revaluation as it has not effect on carrying amount.
• D) should be increased by the same proportion as the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals the revalued amount.
• E) None of the given answers.

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Definitions:

White Supremacy

An ideology or belief system that asserts the superiority of white people and seeks to maintain a racial hierarchy with whites at the top.

Segregation

The enforced separation of different racial, ethnic, or social groups, often imposed through legal and social practices.

Democratic Racism

A form of racism that coexists within democratic societies, where equality, freedom, and justice are espoused values, yet racial discrimination and inequalities persist.

Aboriginal Peoples

Indigenous individuals and communities native to their lands, often having distinct cultural, social, and historical identities separate from the dominant societies in which they live.