The Following Information Is Taken from the Accounts of Spratt

question 20

Multiple Choice

The following information is taken from the accounts of Spratt Ltd. What were the proceeds from the sale of plant?

• A) $9 000
• B) $19 000
• C) $29 000
• D) None of the above

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Definitions:

Insurable Interest

A requirement in insurance policies that the policyholder must stand to suffer a financial loss from the insured event, giving them a legitimate interest in seeking coverage.

Buyers

Individuals or entities that purchase goods or services.

Sellers

Individuals or entities that offer goods or services for sale to buyers.

Firm Offer

An offer in a contract that remains open and unchangeable for a specified period, giving the recipient time to consider and accept the offer without fear of withdrawal.