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Which statement in relation to revaluation of fixed asset

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Reference no: EM132753245

Problem 1: Which statement in relation to the revaluation of fixed assets is incorrect?

a. entities can elect to use the cost model or the revaluation model.

b. if the revaluation model is chosen fixed assets must be stated at fair value.

c. subsequent depreciation is calculated on the basis of the revalued amount

d. if the fair value of a fixed asset is below its carrying amount a revaluation increments exist

Reference no: EM132753245

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