Which of the Following Statements Is Incorrect

question 89

Multiple Choice

Which of the following statements is incorrect?

• 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 chose to use the cost model or the valuation model for investment properties.
• D)Other Comprehensive Income is closed to Retained Earnings.

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Definitions:

National Security

Measures and policies adopted by a nation to protect its citizens, economy, and institutions against threats.

Criminal Investigations

The process by which authorities (such as the police) inquire into the facts and circumstances of a crime to gather evidence for the prosecution of offenders.

Government In Sunshine Act

Federal law which requires that agency business meetings be open to the public if the agency is headed by a collegiate body (i.e., two or more persons, the majority of whom are appointed by the president with the advice and consent of the Senate); also requires that agencies keep records of closed meetings.

Agency Meetings

Meetings held by or at the behest of a governmental agency or department to discuss, inform, or decide on policy or regulatory issues.