Explain Why the Accounting Treatment from Increments and Decrements Are

question 62

Short Answer

Explain why the accounting treatment from increments and decrements are not symmetrical with respect to the revaluation of property,plant and equipment.

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Definitions:

Quasi-Contract

A court-imposed contractual obligation to prevent unjust enrichment.

Injustice

A situation or action that is perceived as unfairly treating a person or group, violating their rights or moral principles.

Enforceable Contract

A legal agreement that is binding and can be upheld in court due to its fulfilment of necessary legal conditions.

Contractual Conditions

Contractual conditions are specific provisions or stipulations within a contract that must be met for the contract to be legally binding or for certain actions to be taken.