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Which statement about the revaluation model is correct? O A. The revaluation model is required for non-current assets under ASPE. O B. The revaluation model is optional for non-current assets under IFRS. O C. The revaluation model is optional for non-current assets under ASPE. OD. The revaluation model is required for non-current assets under IFRS. What is a monetary item? O A. Assets such as land and buildings. O B. An asset that does not have a fixed or determinable cash flow. O C. An asset that has a fixed or determinable cash flow. OD. An asset arising from contractual agreements on future cash flows. Which statement describes the "revaluation model"? O A. A model which restates the value of an asset at each measurement date. OB. A model which values the asset based on its productive capacity O C. A model which keeps the carrying value of an asset and adjusts for depreciation and impairment. OD. A model which restates the carrying value of an asset to the asset's fair value on the date of revaluation. Which of the following is not a characteristic of an intangible asset? O A. It may be amortized using the straight-line method. OB. It has no physical substance. O C. It may be impaired and written off. O D. Its useful life may exceed its legal life

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