Which of the Following Statements Is Correct

question 44

Multiple Choice

Which of the following statements is correct?

• A) AASB 3 Business Combinations requires that any revaluations of a subsidiary's assets at acquisition date must be done in the consolidation worksheet.
• B) The revaluation of non-current assets in the subsidiary's records means that the subsidiary has adopted the cost model of accounting for those assets.
• C) Revaluations of assets such as goodwill and inventory are not permitted in the accounting records of the subsidiary.
• D) Inventories can be revalued to an amount greater than its cost in the records of the subsidiary.

---

Definitions:

Telekenex IXC

A telecommunications service provider known for offering voice and data services to businesses.

Unilateral Contract

A promise exchanged for an act.

Bilateral Contract

A promise exchanged for a promise.

Scott V. Mid-Carolina Homes

A legal case that likely involves dispute resolution between an individual and a housing company, although specific details may vary.