When the revaluation results in an increase,a debit is made to the asset account,which account does the revaluation ?surplus go?
A)Equity
B)Liability
C)Asset
D)Contra-Asset

Question

Quizplus · Accepted Answer

The revaluation surplus is an increase in the value of the assets, which in turn increases the equity of the company. Therefore, the revaluation surplus is credited to equity.

When the Revaluation Results in an Increase,a Debit Is Made