Accounting Recognition Should Be Given to the Gain Realized on a Non-Monetary

question 18

Multiple Choice

Accounting recognition should be given to the gain realized on a non-monetary exchange of plant assets except when the exchange has

• A) no commercial substance and additional cash is paid.
• B) commercial substance and additional cash is received.
• C) commercial substance and additional cash is paid.
• D) All of these cause recognition of a gain.

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Definitions:

Intermediate-Term Goal

An objective set to be achieved within a period that stretches from the near future to several years ahead, acting as a bridge between short and long-term goals.

State Tournament

A competitive event or series of games often leading to a championship, held at the state level involving participants from various regions within the state.

College Freshman

A student in their first year of study at a college or university.

Short-Term Goals

Objectives that are intended to be achieved in a relatively short period, often serving as stepping stones towards long-term goals.