Under AASB 116 When an Asset Is Revalued and the Net

question 16

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 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.
• E) None of the given answers.

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Definitions:

Gynecomastia

The enlargement of breast tissue in males, often due to hormonal imbalances.

Female Sex Hormones

Hormones, primarily estrogen and progesterone, that play key roles in regulating reproductive functions and sexual characteristics in females.

Gonads

The primary reproductive organs that produce gametes; ovaries in females and testes in males, also responsible for producing sex hormones.

Pituitary Hormones

Hormones released by the pituitary gland, which regulate various bodily functions and processes including growth, metabolism, and reproduction.