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.

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Definitions:

Personal Sources

Individuals or personal contacts from whom one can obtain information, advice, or support, especially relevant in decision-making processes.

Evaluative Criteria

The standards or benchmarks that consumers use to compare and judge products or services during the decision-making process.

Objective Attributes

Features or characteristics of a product or service that can be quantitatively measured.

Subjective Attributes

Characteristics of an object, service, or product assessed based on opinions, feelings, and experiences rather than objective measures.