Which of the following is the basic accounting entry for a revaluation decrease of a non-depreciable asset that is not a reversal of an original increase?
A) DR Revaluation surplus reserve; CR Asset
B) DR Asset; CR Revaluation surplus reserve
C) DR Expense on revaluation of asset; CR Asset
D) DR Asset; CR Expense on the revaluation of asset
Correct Answer:
Verified
Q11: What type of account is a revaluation
Q12: Under the accounting standard dealing with revaluations,
Q13: The carrying amount of a depreciable, non-current
Q14: In accounting standard IAS 16/AASB 116, a
Q15: Which of the following are requirements of
Q17: Any revaluations that occur must be upward
Q18: What is the name given to the
Q19: Which statement concerning revaluations that reverse prior
Q20: Accounting standard IAS 16/AASB 116, Property, Plant
Q21: Which of the following are not examples
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents