When an Asset's Fair Value Has Increased and a Firm

question 109

Multiple Choice

When an asset's fair value has increased and a firm elects the revaluation method,

• A)the amount of the necessary write-up is credited to a contra-asset account called revaluation surplus.
• B)subsequent depreciation is based on the asset's original cost.
• C)under U.S.GAAP,the accumulated depreciation account is removed and the revalued amount becomes the new book value.
• D)under IFRS,the accumulated depreciation account is removed and the revalued amount becomes the new book value.

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Definitions:

Collection Classes

Classes in programming that are used to store and manage groups of objects, such as lists, sets, and maps.

Primitive Type

A basic data type provided by a programming language as a building block. It is not composed of other data types.

Vector

A class in Java that implements a dynamic array. Unlike ArrayList, it is synchronized, making it thread-safe but slightly slower in single-threaded environments.

Size

The dimension or amount of space occupied by an object, or in computing, the amount of data or memory capacity.