Which of the Following Statements Is Correct

question 62

Multiple Choice

Which of the following statements is correct?

• A)IFRS treats major overhauls that allow the continued use of an asset, as replacements; ASPE treats them as expenses.
• B)ASPE treats major overhauls that allow the continued use of an asset, as replacements; IFRS treats them as expenses.
• C)Both IFRS and ASPE treat major overhauls that allow the continued use of an asset, as replacements.
• D)Both IFRS and ASPE treat major overhauls that allow the continued use of an asset, as expenses.

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Definitions:

Epoch

In general terms, an epoch refers to a distinct period of time marked by specific events, characteristics, or phenomena.

Superordinate Level

A term in cognitive psychology that refers to the highest, most general level of classification in a category hierarchy.

Basic-Level Category

The most inclusive level within a hierarchy of categories that can be readily and consistently identified by people.

Sandwich

A food item typically consisting of vegetables, sliced cheese, or meat placed between slices of bread.