Which of the Following Is NOT a Final

question 75

Multiple Choice

Which of the following is NOT a final good?

• A) a new car sold to Avis for use in their fleet of rental cars
• B) a hot dog sold to a spectator at a Chicago Bears football game
• C) a new computer sold to an NYU student
• D) a purse sold to a foreign visitor

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Definitions:

Gain on Sale

The financial profit gained from selling an asset for more than its book value.

Opening Retained Earnings

The amount of retained earnings at the beginning of a financial period, representing the accumulated profits that have not been distributed to shareholders as dividends.

Revaluation Model

An accounting method that allows for the upward or downward adjustment in the carrying amount of an asset to its current fair value, provided it can be measured reliably.

Revaluation Increment

An increase in the book value of an asset to reflect its fair value, often recognized during asset revaluation processes.