ACC 304 All Assignments ACC 304 All Assignments | Page 167

depreciation in the first year using component depreciation, assuming
straight-line depreciation with no residual value, is:
23) Which of the following statements is correct?
Both IFRS and GAAP permit revaluation of property, plant, and
equipment.
IFRS permits revaluation of property, plant, and equipment but not
GAAP.
Both IFRS and GAAP do not permit revaluation of property, plant, and
equipment.
GAAP permits revaluation of property, plant, and equipment but not
IFRS.
24) Hilo Company has land that cost $350,000 but now has a fair value
of $500,000. Hilo Company decides to use the revaluation method
specified in IFRS to account for the land. Which of the following
statements is correct?
25) Under IFRS, value-in-use is defined as: