AASB 116 Permits the Following with Respect to Measurement of Non-Current

question 15

Multiple Choice

AASB 116 permits the following with respect to measurement of non-current assets using revaluation model.

• A) Net revaluation decrements for each class of asset are initially debited to asset revaluation reserve.
• B) Use of cost model to measure other assets in the same class.
• C) All increments arising from revaluation are credited to asset revaluation reserve.
• D) All of the given answers.
• E) None of the given answers.

---

Definitions:

General Partnership

A business arrangement where two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a venture.

Firm's Debt

Firm's Debt refers to the total amount of liabilities owed by a company, which could include loans, bonds, and other forms of debt.

Partner's Liability

The legal and financial obligations that a partner incurs as part of participation in a partnership, which can vary depending on the type of partnership and the agreement among partners.

Ownership Percentage

The fraction of a company's shares owned by an individual or entity, representing a portion of control over the company.