Any revaluations that occur must be upward or downward from an asset's:

Question

Quizplus · Accepted Answer

Revaluations are adjustments made to the carrying amount of an asset, which is its historical cost less any accumulated depreciation and impairment losses. Therefore, any revaluations must be upward or downward from the asset's carrying amount. Options A, C, and D are not accurate because revaluations are not necessarily based on the original cost, net realizable value, or lower of cost and net realizable value.

Any Revaluations That Occur Must Be Upward or Downward from an Asset's