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Question 8 1 pts Under US GAAP, property is held on the company's books at its historical purchase cost year after year. Unless the property is impaired, its recorded value will never rise or fall. The UK uses IFRS. Under an exception for 'investment property' (property that is rented out). companies may choose to revalue their investment property yearly and adjust it to fair market value. Thus, the recorded value of a property may increase or decrease if this approach is used. Which of the following is the best explanation of this contrast between the two systems? This is an example of a trade-off being made between the principles of materiality and consistency. For US GAAP. maintaining consistency in the way investment property is valued is more important than reporting material differences in those asset values. Under IFRS, it is the reverse - reporting material differences in property values is more important than maintaining consistency in asset valuation practices. This is an example of how the reliability of the information about a transaction is less important than the Informations usefulness to investors This is an example of a trade-off being made between the principles of reliability and relevance. The US GAAP system favors the more reliable historical purchase cost. based on the actual original transaction. The UK system under IFRS allows for the more relevant yearly revaluation for rental properly to be used. o This is an example of how the money measurement principle can be put aside in favor of the need to ensure that a business entily meets the requirements of a going concern. Question 9 1 pts Randolf owns a hatchback car that is five years old. He thinks that Tenisa can use it to deliver Comfy Home's decorations to clients, but he also wants to continue to use the car for the couple to go camping on weekends. To respect the entity concept. Randoll can do which of the following: o sell the car to Comfy Home and only used for free on weekends and holidays for camping, Rent the car lo Comfy Home during the week for Tenisas deliveries al car rental market rates, C Keep the car, but have Comfy Home pay all the carte garage and repair bills