Which of the following statements is not true about revaluation accounting?
A)Revaluation must be done regularly.
B)Revaluation can be applied to tangible assets whose fair values can be reliably measured.
C)Revaluation can be applied to intangible assets if the assets have an active market.
D)Revaluation is applied to individual assets.

Question

Quizplus · Accepted Answer

Revaluation is typically applied to classes of assets, not individual assets, to ensure consistency and comparability.

Which of the Following Statements Is Not True About Revaluation