Which of the Following Gains Does Not Result Solely in an Ordinary

question 43

Multiple Choice

Which of the following gains does not result solely in an ordinary gain or loss?

• A)Sale of equipment held for less than a year.
• B)Sale of inventory.
• C)Sale of equipment where the gain realized exceeds the accumulated depreciation.
• D)Sale of equipment where the accumulated depreciation exceeds the gain realized.
• E)None of the choices are correct.

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Definitions:

Revised Act

Legislation that has been updated or amended to incorporate new information, correct errors, or reflect changes in policy.

Management Structure

The hierarchy of authority and responsibility in an organization that determines how decisions are made and how tasks are allocated and executed.

Closely Held Corporation

A corporation with a limited number of shareholders, often characterized by close family or associate relationships.

Publicly Traded Corporation

A company whose shares are offered for sale to the general public on a stock exchange.