After an Asset Has Been Initially Recognised, an Entity Has

question 42

Multiple Choice

After an asset has been initially recognised, an entity has a choice between the cost model and the:

• A) liquidation value model.
• B) accrual model.
• C) revaluation model.
• D) realisable value model.

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Definitions:

Petty Offense

A minor legal violation that is less serious than a misdemeanor.

Infraction

A minor violation or breach of law, typically not punishable by imprisonment.

Misdemeanor

A criminal offense that is less severe than a felony and usually punishable by fines or short-term imprisonment.

Misdemeanor

A criminal offense less severe than a felony, usually punishable by a fine or short-term imprisonment.