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:

Objectives

Goals or aims that guide the actions and planning of an individual or organization.

Probable Organization

An entity that is likely to exist or have a certain structure or purpose based on available evidence or reasoning.

Full-cap Words

Words written entirely in uppercase letters, often used for emphasis or to attract attention.

Audience Expectations

This refers to the anticipations or beliefs that an audience has regarding the content, structure, and delivery of information or media they are engaging with.