Indicate whether the following statement is true or false.

Where an item of property plant and equipment is to be measured under the cost model, its initial measurement is at cost but where an item of property plant and equipment is to be measured under the revaluation model, its initial measurement is at fair value.

Indicate whether the following statement is true or false:

The initial measurement of an acquired item of property plant and equipment is always its cost, unless it is acquired by way of

Indicate whether the following statement is true or false:

The recognition

of deferred tax can result in either the recognition of a deferred tax asset or

a deferred 

Select one:

I

dentify whether the following statement

is true or false.

Temporary differences

cause the effective tax rate to differ from the applicable tax rate.

Indicate whether the following statement is true or false

When

calculating the current tax for the year, we adjust the accounting profit for

both temporary differences and permanent differences.

Indicate whether the following statement is true or false.

 When a revaluation to fair value requires an asset’s carrying amount to be increased, the asset is debited and the credit entry is either processed in profit or loss or in other comprehensive income.

Indicate  whether the following statement is true or false:

 The revaluation surplus, being ‘other comprehensive income’, will eventually be reclassified to ‘profit or loss’. The entity may, however, choose to process this reclassification adjustment/s:

·         when the asset is disposed of,

·         when the asset is retired from use, or

·         piecemeal as and when the asset is used up.

Indicate whether the following is true or false: 

If an item of property plant and equipment is measured under the revaluation model, we do not need to check for impairments unless the disposal costs are expected to be negligible.

Indicate  whether the following statement is true or false. 

Where an item of property plant and equipment is to be measured under the cost model, it must be tested for impairment in terms of IAS 36 Impairment of assets but if the item is measured in terms of the revaluation model, then the requirement to test for impairment falls away.

Indicate whether the following statement is true or false.

All items that meet the definition of 'property, plant and equipment' must be included in the 'property, plant and equipment' line item in the statement of financial position.