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:

Outline View

A feature in many applications that allows users to see a document or presentation's structure in a simplified, easy-to-navigate format.

Expand Part

A feature in some applications that allows users to open or stretch out sections for more detailed viewing or editing.

Document

A digital or physical record containing information or data, often formatted for reading or printing.

Data Labels

In charting and graphing, data labels are small pieces of text used to represent the value of a data point, slice, or bar in a chart or graph, making the data easier to understand at a glance.