AASB 116 Specifies That If an Item of Property,plant and Equipment

question 14

Multiple Choice

AASB 116 specifies that if an item of property,plant and equipment is sold,then the gain or loss on disposal is measured as the difference between:

• A) the carrying amount at the time of disposal and the net proceeds from disposal
• B) the re-valued amount at the time of disposal and the net proceeds from disposal
• C) the adjusted carrying amount at the time of disposal and the net proceeds from disposal
• D) none of the above

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Definitions:

British Government

The central government of the United Kingdom, composed of the Executive (Cabinet and Prime Minister), the Legislature (Parliament), and the Judiciary.

Boycott

A protest in which people refuse to buy, use, or participate in something as a way of expressing disapproval or forcing change.

Montesquieu

A French philosopher known for his articulation of the theory of separation of powers, which is implemented in many constitutions around the world.

Tyranny

A form of government in which a single ruler holds absolute power and often governs without regard for justice or the rights of citizens.