Under IFRS, when an entity chooses the revaluation model as its accounting policy for measuring property, plant, and equipment, which of the following statements is correct?a. When an asset is revalued, the entire class of property, plant, and equipment (such as Land) to which that asset belongs must be revalued.b. When an asset is revalued, it is reported on the balance sheet at its current replacement cost.c. Revaluations of property, plant, and equipment must be made at least every three years.d. The revalued assets must be reported in a special section of the balance sheet separate from those assets measured using the cost model.

Q: After the disposal of an asset, the balance in the Accumulated Depreciation account related to that…

A: Depreciation are required to be charged by the business entities so as to shown the assets in the…

Q: which metric is used as the profitability metric and explain what it evaluate?

A: Profitability Matric is somewhere helps to analyse the financial performance and financial position…

Q: Which of the following is INCORRECT regarding depreciation? Select one: O a. It is not a matter of…

A: Depreciation is an accounting method used to allocate the cost of tangible assets over their useful…

Q: Which one of the following is used as a criterion for deciding whether a resource should be regarded…

A: Assets:-All resources owned or controlled by a business are called assets.It is used to produce…

Q: Fixed assets are ordinarily presented on the balance sheet OO at their current market value under…

A: Fixed assets are ordinarily presented in balance sheet at their cost less accumulated depreciation.…

Q: Which of the following most accurately reflects the concept of depreciation as used in accounting?…

A: In accounting, depreciation refers to the allocation of the cost of a tangible asset over its useful…

Q: ment of a long-term asset, the depreciation of a long-term asset, and the sale of a long-term…

A: The organization would be established for doing business in the market. Thus, it requires a lot of…

Q: All of the following major types of assets would be included in the general catefoey of property,…

A: Property, plant, and equipment (PP&E) are a company's tangible long-term assets that usually…

Q: The “carrying value” of a long term asset on the Balance Sheet represents: a. The net book value of…

A: Correct answer-option a:The net book value of the asset

Q: Depreciation is a process that involves: a. Increasing the value of assets b. Distributing the cost…

A: Expense is the amount of money incurred by the entity to run the daily operations of the business.…

Q: How to determine the percentage by which operating income can increase if the entire R&D expenditure…

A: Operating income is income of business from its normal operations  Percentage Change = (New Value -…

Q: For each of the independent situations, prepare all the journal entries relating to the building for…

A: Depreciation:   Depreciation refers to the reduction in the monetary value of a fixed asset due to…

Q: What provides the framework for conducting return on assets (ROA) analysis by incorporating revenues…

A: The objective of the question is to identify the framework that allows for the calculation of Return…

Q: Which one of the following disclousures is required by generally accepted accounting principle? a.…

A: The correct option is B. Balances of major classes of depreciable assets, by nature or function.

Q: Account and (used in operations) cumulated Depreciation-Equipment bed, Capital ervice Revenue…

A: Accounts receivables refer to the sum value of money due to a company from the buyer who purchased…

Q: Which method of the matching principle is used when a company recognizes depreciation expense on the…

A: Solution: Depreciation is the way of expensing long term assets over its useful life. Depreciation…