When Valuing Assets,the U

question 61

Multiple Choice

When valuing assets,the U.S.GAAP allows an asset to be decreased if its value decreases,but cannot be increased if the value increases later.What is the IASB standard for this activity?

• A) The value of the asset must remain as initially recorded.
• B) The value of the asset must be increased annually.
• C) The value of the asset can be averaged over time.
• D) The value of the asset can be increased to reflect the increased market value.
• E) The value of the asset must remain the same for four accounting cycles, then can be changed to reflect current market value.

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Definitions:

Poverty

A condition where individuals or communities lack financial resources and essentials for a minimum standard of living.

Crime

Acts in violation of the legal codes which govern society, ranging from minor offenses to serious felonies, impacting individuals and communities.

Violence

The use of physical force so as to injure, abuse, damage, or destroy.

Mugwumps

A political movement in the United States during the late 19th century, characterized by reform-minded members who left the Republican Party for the Democratic Party.