AASB 116 Requires That Depreciation Be Reviewed

question 44

Multiple Choice

AASB 116 requires that depreciation be reviewed

• A) At least annually.
• B) As soon as the expectations regarding the patterns of use of the asset change.
• C) Only when changes in the depreciation calculation are material.
• D) Immediately upon a revision of the useful life of the asset.
• E) All of the given answers.

---

Definitions:

Crayon

A stick of colored wax, chalk, or charcoal for drawing or coloring.

Symbolic Function

The ability to use symbols, words, or objects to represent something that is not physically present.

Preoperational Thought

A stage in Piaget’s theory of cognitive development where children (ages 2-7) are able to engage in symbolic play and make intuitive guesses, but their thinking is not yet logical.

Intuitive Thought

A form of thinking that relies on a direct and immediate understanding or perception of situations, independent of conscious reasoning processes.