If the Carrying Amount of an Asset Equals Its Fair

question 108

Multiple Choice

If the carrying amount of an asset equals its fair value at the date of sale,

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

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Definitions:

Darwinian Puzzle

A term referring to phenomena or traits observed in nature that appear counterintuitive or challenging to explain through the lens of Darwin's theory of natural selection.

Monogamy

A mating system where an individual has only one mate during a breeding season or for a lifetime, promoting exclusive pair bonding and parental care.

Male Animals

Refers to the sex in many species that produces smaller gametes and typically has roles in mating and fertilization processes.

Polyandry

A mating system where a female has multiple male partners at the same time or sequentially within a single breeding season.