Which Statement Is Correct

question 109

Multiple Choice

Which statement is correct?

• A)The revaluation model is required for non-current assets under IFRS.
• B)The revaluation model is required for non-current assets under ASPE.
• C)The revaluation model is optional for non-current assets under IFRS.
• D)The revaluation model is optional for non-current assets under ASPE.

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Definitions:

Equivalent Units

A concept in cost accounting used to allocate costs in the production process when mixing inputs and outputs, providing a way to measure work done in terms of homogeneous units.

Process Costing System

An accounting system used to apply costs to similar products that are mass-produced in a continuous fashion.

Completion

The state of being finished or brought to the end, often referring to projects, construction, or specific tasks.

Cost Object

Any item for which a separate measurement of costs is desired, such as products, services, projects, or departments.