How Is Revaluation of Non-Current Assets Accounted For

question 73

Multiple Choice

How is revaluation of non-current assets accounted for?

• A)Revaluation surplus is always booked to profit and loss.
• B)Revaluation loss is booked to other comprehensive income.
• C)Cumulative revaluation loss is booked to profit and loss.
• D)Revaluation surplus is not recognized in other comprehensive income.

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Definitions:

Consumer Surplus

The difference between the maximum price consumers are willing to pay and the price they actually pay. It is the net gain derived by the buyers of the good.

Cell-Phone Service

A service provided by telecommunications companies that enables mobile phone users to make and receive calls, texts, and use data.

Utility-Maximizing

A behavioral principle where consumers allocate their income to purchase a mix of goods and services that provides the highest overall utility.

Last Dollar

The final unit of currency spent or invested in a particular context, emphasizing its potential impact or value.