When a Non-Current Asset Is Revalued,the Recognition of Future Tax

question 76

True/False

When a non-current asset is revalued,the recognition of future tax associated with an asset that has a fair value in excess of cost,acts to reduce the amount of the revaluation reserve.

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Definitions:

Cnidarians

A phylum of aquatic animals that includes jellyfish, corals, and sea anemones, characterized by a simple body structure with a single opening.

Coral Polyps

Small, typically colonial marine organisms that are a major component of coral reefs, secreting calcium carbonate to form a hard skeleton.

Jellyfish

Gelatinous marine animals belonging to the phylum Cnidaria, known for their umbrella-shaped bodies and trailing tentacles.