Q1. When an entity chooses the revaluation model as its accounting policy for measuring PP&E, which of the following is correct? a. When an asset is revalued, the entire class of PPE to which that asset belongs must be revalued. b. When an asset is revalued, individual assets within a class of PPE to which that asset belongs may be selectively revalued. c. Revaluation of PPE must be made at least every 3 years. d. Increase in an asset's carrying value as a result of the first revaluation must be recognized in net income. Q2. Which of the following is a criterion that must be met to recognize revenue from sale of goods? a. The receipt of consideration to which the entity is entitled under the contract must be probable. b. The goods must have been delivered into the customer's physical possession. c. All of the contract's performance obligations must have been satisfied. d. It is highly probable that the buyer will pay the consideration promptly. Q3. When stock options are granted to employees, what is the basis for determining the amount of compensation cost that will be recognized as expense? a. The fair value of the service provided by the employees receiving the options at the grant date b. The fair value of the stock options at the exercise date. c. The fair value of the stock options at the grant date. d. There is no recognition of expense related to stock options