When There Is an Exchange of Assets, and No Cash

question 49

True/False

When there is an exchange of assets, and no cash is paid, there will always be a gain or loss on disposal of property, plant, and equipment recorded.

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Definitions:

Retailer

A business or person that sells goods directly to consumers for their use or consumption, rather than to other businesses or wholesalers.

Perpetual Inventory Systems

This approach to inventory accounting instantly captures sales or purchases of inventory through computerized point-of-sale systems and software for enterprise asset management.

Detailed Inventory Records

Comprehensive documents that track the quantity, value, and movement of inventory.

Periodic Inventory Systems

An inventory accounting system where updates to inventory levels are made at specific intervals rather than continuously.