Under IAS 16 When an Asset Is Revalued and the Gross

question 1

Multiple Choice

Under IAS 16 when an asset is revalued and the gross method is used,accumulated depreciation:

• A)must be written back to profit.
• B)must be closed off to reduce the asset account.
• C)is ignored during revaluation as it has not effect on carrying amount.
• D)should be increased by the same proportion as the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals the revalued amount.

---

Definitions:

Self-Worth

Pertains to an individual's subjective evaluation of their own worth, value, or significance.

Self-Esteem

An individual's subjective evaluation of their own worth or abilities.

Uncontrollable Self-Esteem Contingencies

Situations or aspects of life that individuals perceive as beyond their control, yet crucially affect their self-esteem and self-worth.

Social Skills

The abilities used to communicate and interact with others effectively, in a variety of social contexts.