AASB 136 Requires That Assets Are Carried at No More

question 8

Multiple Choice

AASB 136 requires that assets are carried at no more than which amount?

• A) Original cost
• B) Current market value
• C) Cost less accumulated depreciation
• D) Recoverable amount

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Definitions:

Abrasion

The process of wearing down or rubbing away materials through mechanical action, often seen in geological contexts.

Scraping

the process of removing material from a surface using a hard edge or object.

Gouging

The process of making grooves or marks in a surface, often related to glacial activity in geological contexts.

Cirque

An open-sided, bowl-shaped depression formed in a mountain, commonly at the head of a glacial valley; produced by erosion of a glacier.