QUESTION 10 Which of the following statements is true of the revaluation model in AASB 116? It is the preferred model of managers. It is required under AASB 116. Once adopted, the firm can no longer revert back to the cost model. None of the given options are correct. QUESTION 11 A financial statement that complies with the requirements of the Conceptual Framework and accounting standards, and that meets the information needs common to users who are unable to prepare financial statements tailored specifically to satisfy all of their information needs, is known as a general purpose financial statement special purpose financial statement demand financial statement true and fair financial statement