AASB 136 Requires That

question 32

Multiple Choice

AASB 136 requires that:

• A) If a non-current asset is revalued, the revalued amount may be less than the recoverable amount.
• B) If a non-current asset is revalued, it must be revalued to the lower of current replacement cost or net realisable value.
• C) If a non-current asset is revalued, it must be revalued to the amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction.
• D) If a non-current asset is revalued, it must be revalued to the amount for which the asset could be realised in an active market in a liquidation sale.
• E) None of the given answers.

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Definitions:

Keynesian Range

A segment of the Keynesian theory where demand-pull inflation is unlikely to occur due to high levels of unemployment and underused resources.

Intermediate Range

The range within which all intermediate goods, price levels, and outputs are determined by a mix of supply and demand.

Classical Range

In economics, the range in which output and employment grow at their natural rate, and prices are stable.

Aggregate Supply Curve

A graphical representation showing the total quantity of goods and services that producers in an economy are willing and able to supply at various price levels.