The Fair Value Model of Accounting for Property, Plant, and Equipment

question 69

Multiple Choice

The fair value model of accounting for Property, Plant, and Equipment assets:

• A)should be applied to investment property only.
• B)recognizes gains in the asset's fair value in other comprehensive income.
• C)once chosen for one investment property does not have to be applied to all investment property.
• D)recognizes gains and losses in the asset's fair value in other comprehensive income.

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Definitions:

False Consensus Effect

The belief that others share your opinions.

Correct Consensus Effect

The tendency of individuals to overestimate the extent to which their opinions, beliefs, preferences, values, and habits are normal and typical compared to those of others.

Opinion Effect

The impact that personal beliefs, judgments, or evaluations have on an individual's perception and decision-making.

Anima/Animus

In Jungian psychology, the unconscious or true inner self of an individual, the anima being the feminine aspect present in a male and animus the masculine aspect in a female.