Multiple Choice
James Cook Ltd bought a piece of land 10 years ago and the market value of this property is now worth 5 times its purchase cost.The accountant suggested that James Cook Ltd should revalue the asset.This notion is consistent with the qualitative characteristic of:
A) relevance.
B) reliability.
C) understandability.
D) comparability.
E) materiality.
Correct Answer:
Answered by ExamLex AI
Correct Answer:
Answered by ExamLex AI
Q1: The Australian Accounting Standards Board (AASB)retained the
Q17: Prudence is exercised in the preparation and
Q40: In accordance with AASB framework which of
Q41: Ms Marple is an accounting cadet for
Q42: Which of the following statement(s)is/are true of
Q43: In accordance with AASB framework which of
Q44: The accountant of Broken Bay Ltd decided
Q46: Which of the following statement(s)is/are true with
Q48: Bowen Pty Ltd is a small proprietary
Q50: The Framework suggests that the relevance characteristic