Which of the Following Is Correct with Respect to the Accounting

question 62

Multiple Choice

Which of the following is correct with respect to the accounting for "investment properties"?

• A)Under ASPE, either the cost or fair value model may be used.
• B)Under IFRS, either the cost or fair value model may be used.
• C)Under ASPE, either the revaluation or fair value model may be used.
• D)Under IFRS, either the revaluation or fair value model may be used.

---

Definitions:

Illegal Contract

An agreement that is void and unenforceable by law due to its illegal subject matter or terms.

Legislation

The process of making or enacting laws.

Void

A term describing a legal document that is null and has no legal force or effect.

Willful

Actions done intentionally or with reckless disregard for the outcome, particularly relating to misconduct or negligence.