Consider a situation where accumulated depreciation is eliminated against the asset's gross carrying amount and the net amount is restated to the revalued amount of the asset,which term applies to the revaluation of depreciation?
A)Proportional method
B)Reset method
C)Book cost method
D)Elimination method

Question

Quizplus · Accepted Answer

The reset method is used when accumulated depreciation is eliminated against the asset's gross carrying amount and the net amount is restated to the revalued amount of the asset. The other options, the proportional method, book cost method, and elimination method, do not match the scenario described.

Consider a Situation Where Accumulated Depreciation Is Eliminated Against the Asset's