A Gain Can Be Realized When a Fixed Asset Is

question 123

True/False

A gain can be realized when a fixed asset is discarded.

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Definitions:

Endorsement

An act of giving one's public approval or support to someone or something, or a signature authorizing the legal transfer of a negotiable document.

Allonge

Accompanying a negotiable instrument, a piece of paper that provides room for an endorsement if no room is available on the negotiable instrument itself.

Endorse

To give support or approval to something or someone, often by writing a signature on a document to authorize its validity or transfer.

Check

A special draft that orders a bank (the drawee) to pay a specified sum of money to the payee from the drawer’s account.