If a Long-Term Asset Is Retired Before It Is Fully

question 30

Multiple Choice

If a long-term asset is retired before it is fully depreciated, and no salvage or scrap value is received,

• A)a gain on disposal will be recorded.
• B)phantom depreciation must be taken as though the asset were still on the books.
• C)a loss on disposal will be recorded.
• D)no gain or loss on disposal will be recorded.

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Definitions:

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The practice of acknowledging, understanding, accepting, and valuing differences among people with respect to age, class, ethnicity, gender, physical and mental ability, race, sexual orientation, spiritual practice, and public assistance status.

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A business's unique ability to perform better than its competitors due to superior products, services, or operations.

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