When a Company Sells an Asset at a Gain, Which

question 82

Multiple Choice

When a company sells an asset at a gain, which of the following is true?

• A) Proceeds from the sale exceeded the historical cost of the asset on the statement of financial position.
• B) Proceeds from the sale were less than the book value of the asset on the statement of financial position.
• C) Proceeds from the sale exceeded the book value of the asset on the statement of financial position.
• D) Proceeds from the sale are equal to the historical cost of the asset on the statement of financial position.

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Definitions:

Retina

The light-sensitive layer of tissue at the back of the inner eye, which converts light into electrical signals sent to the brain via the optic nerve.

Light-Sensitive Film

A type of photographic film that reacts chemically to light exposure, capturing images based on the intensity and quality of light.

Pupil

The opening in the center of the iris of the eye through which light enters the eye.

Eyespots

Pigmented organelles found in certain algae and unicellular organisms that allow them to sense light direction and intensity, aiding in phototaxis.