The Book Value of an Asset Will Equal Its Fair

question 4

Multiple Choice

The book value of an asset will equal its fair market value at the date of sale if

• A) a gain on disposal is recorded.
• B) no gain or loss on disposal is recorded.
• C) the plant asset is fully depreciated.
• D) a loss on disposal is recorded.

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Definitions:

CISG

The United Nations Convention on Contracts for the International Sale of Goods is a treaty designed to create a consistent legal framework for international trade.

UCC

Stands for Uniform Commercial Code, a set of laws that govern commercial transactions in the United States.

Expropriation

The act by the government or its authority of taking private property for public use, with payment of compensation to the owner.

International Law

A body of rules, agreements, and treaties that govern the conduct and relations between different nations and states.