Answer all three along with correct reasoning to get thumbs up!!

Identify which one of the following statements is not correct. Under the fair value model- A. the asset is revalued to fair value at the end of each year B. the gain or loss is shown directly in the statement of profit or loss (not other comprehensive income) C. No depreciation is charged on the asset D. the asset is revalued to fair value and depreciated at the end of each year Identify which one of the following statements is not correct. A discontinued operation is a component of an entity that has either been disposed of or is classified as held for sale and: A. is a subsidiary which is loss making B. represent separate major line of business or geographical area of operations C. is a subsidiary acquired exclusively with a view to resale D. is part of single coordinated plan to dispose of a separate major line of business or geographical area of operation Which are the two fundamental qualitative characteristics that make information provided in financial statements useful to users. A. Relevance B. Comparability C. Faithful representation D. Verifiability