choose the right answer :

1)The gain on disposal of revalued fixed assets is shown in the income statement

a)Within a separate clause

b)Within revenue

c)The revaluation surplus is included in the retained earnings

d)It does not appear in the income statement but rather in the retained earnings

2)Any of the following costs are not considered part of the cost of the vehicle:

a) Shipping costs

b)Transport insurance costs

c)Licensing costs

d) all of the above

3)Impairment loss for revalued equipment in a prior period should be recognized through:

a)Income statement

b)Equipment revaluation surplus b) the opening balance of retained earnings c)Voluntary Reserve