1) A revaluation is the result of a reassessment of the fair value of a non-current asset at a particular point in time. Select one: True False

2) According to NZ IAS 36 Impairment of Assets, the recoverable amount test requires an entity to compare the fair value of an asset less costs to sell, with: Select one:

a. the amount obtainable from the sale of the asset.

b. its value in use.

c. its disposal value.

d. the costs directly attributable to the liquidation of the asset.

3) When a non-current asset is sold the gain or loss on disposal is the difference between:

Select one:

a. Fair market value and accumulated depreciation.

b. Selling price and accumulated depreciation.

c. Selling price and carrying amount. d. Fair value and selling price.

d. Fair value and selling price.