A Change in Accounting Policy from the Revaluation Model to the Cost

question 1

Multiple Choice

A change in accounting policy from the revaluation model to the cost model requires a retrospective adjustment to the:

• A)revenue in the profit and loss statement
• B)expenses in the profit and loss statement
• C)opening balance of retained earnings
• D)other comprehensive income.

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Definitions:

Warming Climate

The global trend of increasing average temperatures, largely attributed to human activities such as greenhouse gas emissions.

Linkage Disequilibrium

The non-random association of alleles at different loci in a given population, often due to physical proximity on a chromosome or selection pressure.

Allele

One of two or more alternative forms of a gene that arise by mutation and are found at the same place on a chromosome.

Locus

A specific location or position on a chromosome where a gene or genetic marker is situated.