Under AASB 116 When an Asset Is Revalued and the Net

question 9

Multiple Choice

Under AASB 116 when an asset is revalued and the net method is used,accumulated depreciation:

• A) must be written back to profit.
• B) must be closed off to the equity account.
• C) should be eliminated against the gross carrying amount of the asset before revaluation.
• D) should be increased by the same proportion as the gross carrying amount of the asset so that the carrying amount of the asset after revaluation equals the revalued amount.

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Definitions:

Overcurrent Protection

Overcurrent protection involves using devices like fuses or circuit breakers to protect electrical circuits from damage caused by excessive currents.

Circuit Conductors

Materials or paths that allow the flow of electrical current within a circuit, such as wires or printed circuit board traces.

Ladder Diagrams

A graphical representation of an electrical control circuit, used in PLC programming and design.

Control Circuit

An electrical circuit designed to control the operation of another circuit or device, often involving relays, sensors, and switches.