10) The amount for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction is defined in AASB 116 as: A) carrying value C) fair value B) exchange value D) recoverable amount TRUE/FALSE, write T if the statement is true andF, if the statement is false. 27) If different components of a production line have significantly different useful lives, it would be appropriate to recognise each component as a separate item of property, plant and equipment and depreciate each component over its useful life. 28) The gain or loss on derecognition of an item of property, plant and equipment is calculated as the difference between the net disposal proceeds, if any, and the carrying amount of the item 29) Subsequent to the initial recognition of property, plant and equipment, AASB 116 provides entities with a choice in accounting policy between the cost model and the recoverable amount model. 30) AASB 116: Property, Plant and Equipment does not apply to investment property valued at fair value rather than cost. 31) The diminishing balance method results in a constant depreciation expense over the useful lfe of the asset 32) The AASB Framework defines an asset as "a resource controlled by the entity as a result of future events and from which past economic benefits are expected to flow to the entity". 33) If the acquiring entity is not registered for GST or is undertaking "input taxed"activities, it is not entitled to recover any GST paid from the taxation authority