Reference no: EM133002858
Problem 1: What is the revalued amount of property, plant, and equipment?
a) Fair value
b) Depreciated replacement cost
c) Replacement cost
d) Fair value and depreciated replacement cost
Problem 2: Which statement is incorrect concerning the class of PPE to be revalued?
a) When an item of property, plant and equipment is revalued, the entire class property, plant, and equipment to which that asset belongs shall be revalued.
b) A class of property, plant, and equipment is a grouping of assets of a similar nature and use in an entity's operation.
c) The items within a class of PPE are revalued selectively.
d) A class of assets may be revalued on a rolling basis provided revaluation of the class of assets is completed within a short period of time and provided the revaluations are kept up to date.
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