A Loss on Disposal of an Asset Is Reported

question 107

Multiple Choice

A loss on disposal of an asset is reported:

• A) in the Operating Revenues section of the income statement.
• B) in the Operating Expenses section of the income statement.
• C) as a direct increase to the asset account on the balance sheet.
• D) as a direct decrease to the asset account on the balance sheet.

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Definitions:

Facebook

A social networking platform that allows users to connect with friends and family, share photos, and join various interest groups.

Fraudulent Charges

Unauthorized transactions on a person’s credit card or bank account conducted without their knowledge or consent.

Credit Information

Data that pertains to the creditworthiness of an individual or company, including credit history, current debt levels, and payment records.

Identity Theft

Identity theft is the fraudulent acquisition and use of a person's private identifying information, usually for financial gain.