Which of the Following Statements Isincorrect

question 106

Multiple Choice

Which of the following statements isincorrect ?

• A)Under the revaluation model, the carrying amount of property, plant and equipment is adjusted to reflect its fair value.
• B)With the revaluation model, revaluation gains are recorded in Other Comprehensive Income.
• C)Companies can choose to use the cost model or the revaluation model for property, plant and equipment.
• D)Reversals of revaluation gains or write-ups are prohibited.

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Definitions:

Charter of Rights and Freedoms

A foundational document in Canada that guarantees fundamental rights and freedoms to its citizens and residents.

Paramountcy

The principle that when a matter is addressed by both valid federal and provincial legislation and there is a conflict, the federal legislation takes precedence.

Supreme Court of Canada

The highest court in Canada, serving as the final appellate body in the Canadian legal system.

Unreasonable Search

A search conducted by authorities without a valid warrant or justification, infringing on an individual's privacy rights.