AASB 116 Prescribes That,if Assets Within the Same Class Are

question 52

Multiple Choice

AASB 116 prescribes that,if assets within the same class are revalued and some assets increased in value while others decreased in value:

• A) the net decrement for the class of asset should be recognised as loss in the income statement.
• B) the net increment for the class of asset should be credited to revaluation reserve.
• C) the total increment for all assets in the same class that increased in value should be credited to revaluation reserve and total decrement for all assets in the same class of asset should be recognised as loss in the income statement.
• D) All of the given answers.
• E) None of the given answers.

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Definitions:

Ether

is a class of organic compounds characterized by an oxygen atom connected to two alkyl or aryl groups, historically used as an anesthetic.

Lysol

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Hygiene

Practices and conditions that help maintain health and prevent the spread of diseases.