Which of the Following Statements Is Correct

question 61

Multiple Choice

Which of the following statements is correct?

• A) IFRS treats major overhauls that allow the continued use of an asset, as replacements; ASPE usually treats them as expenses.
• B) ASPE treats major overhauls that allow the continued use of an asset, as replacements; IFRS usually treats them as expenses.
• C) Both IFRS and ASPE treat major overhauls that allow the continued use of an asset, as replacements.
• D) Both IFRS and ASPE treat major overhauls that allow the continued use of an asset, as expenses.

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Definitions:

Government

The system or group of people governing an organized community, often a state, including its institutions, laws, and policies.

Plymouth Colony

An early settlement established in 1620 by English Puritans in present-day Massachusetts, known for the celebrated Thanksgiving feast.

Mayflower Compact

An agreement reached by the Pilgrims on the Mayflower in 1620, establishing self-governance in Plymouth Colony.

Civil Government

The branch of government concerned with the administration of the state, including the implementation and enforcement of laws and the management of public affairs.