Losses on Discarding Fixed Assets Are _____

question 62

Multiple Choice

Losses on discarding fixed assets are _____.

• A) opportunity costs
• B) nonoperating items
• C) capital expenditures
• D) accumulated depreciation

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Definitions:

Ordinary Care

The level of care that a reasonably prudent person would exercise in similar circumstances; a standard for negligence determination.

Reasonable Care

The degree of caution and concern an ordinarily prudent person would use in similar circumstances, often used as a standard for determining negligence.

Good Faith

An honest intention to act without taking an unfair advantage over another party.

Limit Liability

A legal principle or provision that caps the amount one can be held responsible for in case of damage or loss.