If the Proceeds from the Sale of a Plant Asset

question 171

True/False

If the proceeds from the sale of a plant asset exceed its book value a gain on disposal occurs.

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Definitions:

Acts Of Congress

Laws passed by the United States Congress, which consists of the Senate and the House of Representatives. Once signed by the President, these acts become statutory law.

Judicial Review

The power of courts to assess the constitutionality of laws and government actions, and to overturn those that violate the Constitution.

Marbury V. Madison

The 1803 Supreme Court case that established the principle of judicial review in the United States, giving courts the power to strike down laws, statutes, and some government actions that contravene the Constitution.

Chief Justice

The head of the United States Supreme Court, the highest judicial officer in the country, responsible for presiding over the Court's public sessions and the administrative functions of the Court.