How the increase in the value of Furniture & fixtures shown in the revaluation account? O a. It is credited as it is a gain to the firm O b. None of these are correct O c. It is debited as it is a loss to the firm O d. It is neither debited nor credited

How the increase in the value of Furniture & fixtures shown in the revaluation account? O a. It is credited as it is a gain to the firm O b. None of these are correct O c. It is debited as it is a loss to the firm O d. It is neither debited nor credited

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

How the increase in the value
of Furniture & fixtures shown in
the revaluation account?
O a. It is credited as it is a
gain to the firm
O b. None of these are
correct
O c. It is debited as it is a
loss to the firm
O d. It is neither debited nor
credited

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