AASB 138 Permits Two Bases for Measuring Intangible Assets,subsequent to Initial

question 31

Multiple Choice

AASB 138 permits two bases for measuring intangible assets,subsequent to initial recognition,the cost model and the revaluation model:

• A) in practice the revaluation model is the one that is most commonly applied
• B) the conditions for the use of the revaluation model will only be met on rare occasions
• C) in practice the two models are applied about 50/50
• D) none of the above

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Definitions:

Unrecorded Charges

Expenses or financial obligations that have not been documented in the accounting records, potentially leading to discrepancies.

Bank Reconciliation

The process of matching up the balances in a company's accounting records for a cash account to the corresponding information on a bank statement.

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A common symbol in software and applications that provides access to settings or tools.

Create (+) Icon

A graphical interface element typically used in software applications to indicate the functionality for adding new items, such as records, files, or directory entries.