A Fixed Asset with a Cost of $15,000 and Accumulated

question 83

Multiple Choice

A fixed asset with a cost of $15,000 and accumulated depreciation of $12,500 is sold for $1,750.What is the amount of gain or loss on disposal of the fixed asset?

• A) $750 loss
• B) $2,500 loss
• C) $2,500 gain
• D) $750 gain

Identify and explain the criteria for classifying and identifying epithelial tissues.

Recognize the epithelial tissue types lining major organs and body cavities.

Identify the dominant fiber types and their functions in various connective tissues.

Understand the role of specific proteins in the formation of blood clots.

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Definitions:

Cash Basis

A financial recording strategy where incomes and costs are documented at the time they are actually exchanged, instead of the moment they are accrued.

Services

Economic activities offered by one party to another, often involving professional support or advice rather than a tangible product.

Incurred

Refers to costs or expenses that have been consumed or utilized in the process of generating revenue.

Accrual-Basis Accounting

A bookkeeping approach that documents income and expenditures at the time they are accrued, irrespective of the actual cash transaction timing.