Which of the Following Is True Regarding the Accounting for Property,plant,and

question 40

Multiple Choice

Which of the following is true regarding the accounting for property,plant,and equipment under international accounting standards?

• A) Upward revaluations of property,plant,and equipment are not allowed.
• B) The option is available for an entity to adjust upward the carrying value of property,plant,and equipment to fair value.
• C) All entities must adjust upward the carrying value of property,plant,and equipment to fair value.
• D) An entity has the option to adjust upward the carrying value of property,plant,and equipment to fair value,with gains and losses being shown in other comprehensive income.

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Definitions:

Harry Washington

An enslaved African who gained freedom by escaping to British lines during the American Revolutionary War and later settled in Sierra Leone.

George Washington

The first president of the United States, serving from 1789 to 1797, and a Founding Father known for his leadership in the American Revolutionary War.

Abolition Laws

Legislation aimed at ending the practice of slavery or the slave trade within a specific locale, region, or nation.

Indentured Servitude

A labor system where people paid for their passage to the New World by working for an employer for a fixed term of servitude, typically several years.