ABC Adheres to IFRS and Applies the Revaluation Model to Account

question 122

Multiple Choice

ABC adheres to IFRS and applies the revaluation model to account for its Patents. Prior to 2009, there was no balance in the company's Revaluation Surplus (OCI) accounts relating to its long-lived assets. The following year-end data refers to the company's patents:
(the table values are in 000's) :
$\begin{array} { | l | l | l | } \hline & \text { Carrying Value } & \text { Fair Value } \\\hline 2009 & \$ 170 & \$ 120 \\\hline 2010 & \$ 160 & \$ 125 \\\hline 2011 & \$ 150 & \$ 130 \\\hline\end{array}$




-The 2010 revaluation journal entry would include

• A) A $10,000 credit to the revaluation surplus account.
• B) A $10,000 debit to the revaluation surplus account.
• C) A $35,000 Loss on the Income statement.
• D) A $20,000 Loss on the income statement.

Understand the mechanisms and effects of informal communication within organizations.

Grasp the challenges and considerations involved in managing organizational change and values.

Comprehend the importance, challenges, and techniques of effective electronic communication.

Explain the role of nonverbal communication in enhancing or hindering cross-cultural communication.

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Definitions:

Demand Estimation

The process of determining the expected demand for a product or service, considering various market conditions and factors.