What Is the Basic Accounting Entry for an Initial Revaluation

question 17

Multiple Choice

What is the basic accounting entry for an initial revaluation decrease of a non-depreciable asset?

• A) Debit expense on revaluation of asset; credit asset
• B) Debit asset; credit expense on the revaluation of asset
• C) Debit revaluation surplus reserve; credit asset
• D) Debit asset; credit revaluation surplus reserve

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