Which Statement Is Correct

question 109

Multiple Choice

Which statement is correct?

• A)The revaluation model is required for non-current assets under IFRS.
• B)The revaluation model is required for non-current assets under ASPE.
• C)The revaluation model is optional for non-current assets under IFRS.
• D)The revaluation model is optional for non-current assets under ASPE.

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Definitions:

Allowance for Doubtful Accounts

An accounting provision made to accommodate likely losses on accounts receivable due to customers being unable to pay.

Adjusting Entry

A journal entry made at the end of an accounting period to allocate income and expenditures to the appropriate period for more accurate financial statements.

Accounts Receivable

Money owed to a business by its customers for goods or services that have been delivered or used but not yet paid for.

Sales

The total amount charged customers for merchandise sold, including cash sales and sales on account.