Question

Revaluations under AASB 116 Property, Plant and Equipment apply to Select one: a. individual non-current assets...

Revaluations under AASB 116 Property, Plant and Equipment apply to
Select one:
a. individual non-current assets only
b. all assets on an individual basis
c. assets on a class-by-class basis.
d. individual current assets only

The cost of an item of Property, Plant and Equipment includes all of the followings except
Select one:
a. resale price
b. installation costs
c. delivery charges
d. dismantling charges

Business   Accounting   
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Homework Answers

Answer #1

Solution:

C. Assets on a class - by - class basis.*

a. resale price**

Explanation:

Revaluation:

*Plant property and equipment does not applies to current assets.

**The cost of an item of plant property equipment includes the purchase price, import duties , non refundable purchases, after deducting trade discounts and rebates, any cost directly attributable to the assets such as installation charges, delivery charges and dismantling charges. etc. reasale price does not include in the cost of an item in plant, property and equipment.

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