Single choice 27) Which of the following statements is/are correct? 1. Statutory reserves are a feature of equity in Saudi Arabia 2. Revaluations of property, plant and equipment have no direct impact on the statement of profit or loss on the revaluation date Only statement 1 is correct Only statement 2 is correct Neither statement is correct O Both statements are correct Single choice 28) How many arguments are required by the COUNTIF function? The COUNTIF function requires 1 argument The COUNTIF function requires 2 arguments The COUNTIF function requires 3 arguments The COUNTIF function requires 4 arguments Single choice 29) Direct costs are best described as: Costs traceable to the production of a specific good or service Costs that can be attributed to a specific accounting period Selling, general and administration costs O Costs directly attributable to managing the business