Question on: WAEC Accounting - 2013
When the going concern concept is no longer applicable, the fixed assets are recorded at their
A
net book value
B
realizable value
C
gross value
D
revalued amount
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Correct Option: D
When an asset is sold that has previously beenĀ revalued, theĀ revaluationĀ within the carrying value is debited to theĀ RevaluationĀ Reserve. When assets areĀ revalued, every Balance Sheet shall show for a specified period of years, theĀ amountĀ of increase/decrease made in respect of each class of assets.
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