When an Entity Adopts the Valuation Model to Account for Its

question 16

Multiple Choice

When an entity adopts the valuation model to account for its property,plant and equipment,which of the following statement(s) is/are correct?

• A) If an item is revalued, all assets in the same class shall be revalued.
• B) If an asset's carrying amount is decreased as a result of a revaluation, the decrease is always recognised in profit and loss.
• C) If an asset's carrying amount is increased as a result of a revaluation, the increase is always credited directly to equity.
• D) All of the given answers.

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Definitions:

Identity Theft

The fraudulent acquisition and use of a person's private identifying information, usually for financial gain.

Personal Information

Data related to an individual that can identify them, such as name, address, email, and financial details.

Collectors

Individuals or entities that gather objects of a specific type, often as a hobby, investment, or for historical preservation.