A Gain on Disposal of an Asset Occurs When the Proceeds

question 14

Multiple Choice

A gain on disposal of an asset occurs when the proceeds of the sale are greater than the

• A) loan outstanding on the asset sold.
• B) fair value of the asset sold.
• C) carrying amount of the asset sold.
• D) the original cost of the asset sold.

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Definitions:

Majority Rule Voting

Majority rule voting is a decision-making process where the option that receives more than half of the votes cast is chosen.

Majority-Rule Voting

A voting system where the option that receives more than half of the votes wins.

Logrolling

A practice in politics where two or more parties agree to vote for each other's proposed bills or policies to ensure mutual benefit.

Transfer Payments

Cash payments made by the government to people who do not supply goods, services, or labor in exchange for these payments. They include Social Security benefits, veterans’ benefits, and welfare payments.