Which of the Following Statements Is Not Correct in Relation

question 21

Multiple Choice

Which of the following statements is not correct in relation to the disclosure of property, plant and equipment balances?

• A) Paragraph 79 of AASB 116 contains information that entities are encouraged to disclose, but not required to do so.
• B) An entity must disclose the useful life estimates for each class of assets.
• C) A summary of movements in the revaluation surplus must be disclosed.
• D) Information on assets carried at revalued amounts must be disclosed on an individual asset basis.

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Definitions:

Administrative Expense

Costs related to the general management and administration of a company, such as salaries of executive personnel, accounting departments, and front office.

Direct Labor Cost

The cost associated with employees who directly contribute to the production of goods, such as wages for factory workers.

Income Statement

A financial report that shows a company's revenues, expenses, and net income over a specific period.

Production Equipment

Assets used in the manufacturing process to produce goods and services, including machinery, tools, and assembly lines.