On 1 January 20X0 an Asset That Had a Useful

question 18

Multiple Choice

On 1 January 20X0 an asset that had a useful life of five years and a cost of $100 000,had a carrying value of $60 000.(The asset had been depreciated for two years at $20 000 per annum) .On 1 January 20X0 it was decided to revalue the asset upwards to $90 000 with no change in its useful life.A year after the revaluation on 1 January 20X1 the asset was sold for $80 000.Under the provisions of AASB 116,the gain or loss on disposal is:

• A) $10 000 gain
• B) $20 000 gain
• C) $10 000 loss
• D) $30 000 gain

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Definitions:

Redundancy

The duplication of critical components or functions of a system with the intention of increasing reliability of the system.

Genetic Code

The set of rules by which information encoded within genetic material (DNA or mRNA sequences) is translated into proteins by living cells.

Evolution

The process by which different kinds of living organisms are thought to have developed and diversified from earlier forms during the history of the earth through natural selection, genetic drift, mutations, and gene flow.

SnoRNAs

Small nucleolar RNAs, a class of small RNA molecules that primarily guide chemical modifications of other RNAs, particularly ribosomal RNAs.