Blockware Corporation Has Selected to Use the Revaluation Model for Its

question 55

Multiple Choice

Blockware Corporation has selected to use the revaluation model for its assets.Recently it had its building appraised.The appraiser placed a $5.0 M value on the building.Back in 2012 this building was purchased for $4.0M.This increases in value over cost requires a:

• A) Dr. to accumulated depreciation
• B) Cr. to the building account
• C) Cr. to revaluation surplus
• D) Dr. to revaluation surplus

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Definitions:

Deposits In Transit

Funds that have been deposited by a company but not yet credited to its bank account by the financial institution.

NSF Checks

Checks that cannot be processed by a bank due to insufficient funds in the account of the individual who wrote the check, leading to a "non-sufficient funds" status.

Employee Fraud

Dishonest activities conducted by employees to steal or misuse an organization's resources or assets for personal gain.

Primary Factors

Fundamental elements or causes that contribute significantly to a result, situation, or process.