Under AASB 102 Revaluations Are Permitted

question 21

Multiple Choice

Under AASB 102 revaluations are permitted:

• A) only in the form of a write-down.
• B) only when an independent valuation is made by an external party.
• C) only if upward revaluations are credited to an inventory revaluation reserve.
• D) only if the replacement cost of the asset is higher than the historical cost.

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Definitions:

Sympathetic Nervous System

Part of the autonomic nervous system that prepares the body for action by triggering the fight or flight response.

Cerebellum

A region of the brain that plays an important role in motor control, and also contributes to coordination, precision, and timing of movements.

Electrical Impulses

These are rapid, short signals that travel along the nerves, allowing for communication throughout the body.

Ethnicity

Social groups with a shared culture, ancestry, language, or national origin.