Accounting for IGCSE & O level - Accounting Procedures (Section 4 - No. 5)

Which accounts are used to account for the revaluation of an asset?

Cutlery account

Income statement

Accumulated depreciation of cutlery account

Revaluation surplus account

The revaluation of an asset can involve adjusting both the asset's value and its accumulated depreciation, alongside any gain (surplus) that occurs