Which Statement Relating to Revaluations of Non-Current Assets Is Not

Multiple Choice

Which statement relating to revaluations of non-current assets is not true?

A) A revaluation increase is regarded as income to be added to the firm's profit for the year.
B) Future depreciation charges will be based on the revalued carrying amount of the asset.
C) Before assets are revalued any existing accumulated depreciation must be written off against the asset account.
D) A revaluation decrease should be included as a reduction in profit.