Which One of the Following Statements on IFRS Is Not

question 29

Multiple Choice

Which one of the following statements on IFRS is not true?

• A)Total depreciation for the period must be disclosed for each major class of asset.
• B)The useful lives for each major class of asset must be disclosed.
• C)The depreciation rates for each major class of asset must be disclosed.
• D)An explanation for the change in accumulated depreciation must be disclosed for each major class of asset.

---

Definitions:

Instinct

An innate, typically fixed pattern of behavior in animals that is responsive to specific stimuli and critical for survival.

Memory

The processes by which information is encoded, stored, and retrieved.

Functional Fixedness

A cognitive bias that limits a person to using an object only in the way it is traditionally used, preventing them from seeing potential alternative uses.

Mental Set

A tendency to approach situations in a certain way because that method worked in the past, possibly hindering the ability to find alternative solutions.