Which of the Following Happens When You Sell an Asset

question 59

Multiple Choice

Which of the following happens when you sell an asset for more than you paid for it?

• A) Capital gain.
• B) Capital loss.
• C) Dividends.
• D) You break even on the sale.

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Definitions:

Australian Dollar

The currency of Australia, represented as AUD, and is a popular currency in financial markets.

Financial Books

Records and documents that capture all financial transactions of a business, facilitating the preparation of financial statements.

Canadian Dollar

The official currency of Canada, often represented by the symbol CAD or C$.

Translation Gain

Profit or gain recognized from converting foreign currency transactions into the functional currency of a business during the consolidation of financial statements.