11) According to AASB 116, the following must be disclosed for revalued items of property plant and equipment: A) the methods and significant assumptions applied in estimating fair values B) the effective date of the revaluation C) whether an independent valuer was involved D) all of the above 12) According to AASB 116, the cost of an item of property, plant and equipment shall be recognised as an asset if, and only if A) it is probable that future economic benefits associated with the item will flow to the B) it is possible that future economic benefits associated with the item will flow to the C) it is possible that future economic benefits associated with the item will flow to the D) it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item cannot be measured reliably entity and the cost of the item can be measured reliably entity and the cost of the item cannot be measured reliably entity and the cost of the item can be measured reliably 13) An asset is not required to be depreciated if A) its residual value exceeds its carrying amount B) its fair value exceeds its carrying amount C) its carrying amount exceeds its residual value D) its book value exceeds its carrying amount 14) According to AASB 116, the specificelements of the cost of an item of property plant and equipment include: A) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the entity's B) the initial estimate of any costs of dismantling and removing the item and restoring the C) purchase price, including import duties and non-refundable purchase taxes, after D) all of the above management site on which it is located deducting any trade discounts and rebates 15) The method of depreciation that results in a decreasing annual charge over the useful life of an asset is the: A) diminishing balance method C) units of production method B) straight- line method D) none of the above