IAS 16 Prescribes That,if Assets Within the Same Class Are

question 20

Multiple Choice

IAS 16 prescribes that,if assets within the same class are revalued and some assets increased in value while others decreased in value:

• A)the net decrement for the class of asset should be recognised as loss in the income statement.
• B)the net increment for the class of asset should be credited to revaluation reserve.
• C)the total increment for all assets in the same class that increased in value should be credited to revaluation reserve and total decrement for all assets in the same class of asset should be recognised as loss in the income statement.
• D)All of the given answers are correct.

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Definitions:

Split Labour Market Theory

An economic theory suggesting that divisions within the labor market, based on race, ethnicity, or other factors, create unequal opportunities and wages.

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The policy or practice of exploiting minority groups within a country, treating them as colonial subjects.

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A system in which individuals are owned by others, deprived of personal freedom, and compelled to perform labor or services without compensation.

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A country in North America known for its vast landscapes, multicultural population, and as a nation with two official languages, English and French.