According to IAS 16/AASB 116, Which of the Following Are

question 56

Multiple Choice

According to IAS 16/AASB 116, which of the following are factors contributing to the decline in an asset's future economic benefits?
I. Inflation
II. Wear and tear
III. Commercial obsolescence
IV. Technical obsolescence

• A) I, III and IV only
• B) I, II and IV only
• C) II, III and IV only
• D) I, II, III and IV

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Definitions:

Competitive World Market

A global economic environment where businesses compete across borders to offer the best products and services.

Trade Restrictions

Measures imposed by governments to control or limit the exchange of goods and services across their borders, including tariffs, quotas, and embargoes.

Comparative Advantage

The ability of an entity to produce goods or services at a lower opportunity cost than others, leading to more efficient trade.

Exports Cars

The activity of selling and shipping cars from one country to another, contributing to a country's trade balance.