Which Is Correct with Respect to the Accounting Treatment Under

question 50

Multiple Choice

Which is correct with respect to the accounting treatment under the cost or revaluation model?

• A)Companies can choose to apply the revaluation model to each individual PPE or intangible asset under IFRS.
• B)Companies can choose to apply the revaluation model to each class of PPE or intangible asset under IFRS.
• C)Companies can choose to apply the revaluation model to each individual PPE or intangible asset under ASPE.
• D)Companies can choose to apply the revaluation model to each class PPE or intangible asset under ASPE.

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Definitions:

Capacity

The legal competency to enter into agreements or contracts, often related to age, mental state, and understanding of obligations.

Valid Contract

A legally binding agreement between parties to do or not do certain things.

Avoid Liability

Strategies or actions taken to minimize or evade legal responsibility or penalties.

Intoxicated Person

An individual under the influence of alcohol or drugs to the extent that their mental and physical faculties are significantly impaired.