Under AASB 116 the Statement That Is Correct Is

question 20

Multiple Choice

Under AASB 116 the statement that is correct is:

• A) subsequent to initial recognition, items of property, plant and equipment must be measured using either the cost model or the revaluation model
• B) all items of property, plant and equipment must be measured using the cost model, except if they are qualifying assets
• C) assets of the same class of property, plant and equipment can be measured using different models
• D) all of the statements are correct

---

Definitions:

Functional Design

The aspect of design focused on optimizing the functionality of a product or system, emphasizing utility over form.

Geographic Design

The planning and creation of spatial arrangements or environments based on geographical principles and data.

Specialized Activities

Activities that require specific skills or expertise, often contributing to the efficiency or quality of output in organizational contexts.

Product Design

Product design involves creating new products with specific focus on their usability, functionality, and aesthetics to meet the needs and preferences of consumers.