Which of the Following Is Necessary When Recording the Disposal

question 99

Multiple Choice

Which of the following is necessary when recording the disposal of a piece of equipment?

• A) Update the depreciation expense on the equipment to the date of sale
• B) Remove the equipment and related accumulated depreciation balances from the accounts
• C) Record any gain or loss on the disposal
• D) All of these are necessary when recording the disposal of a piece of equipment

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Definitions:

Tying Agreements

Business practices where the sale of one product or service is conditioned on the purchase of another, potentially anticompetitive product or service.

Sherman Act

A landmark federal statute in the antitrust law of the United States, aimed at preserving fair competition by prohibiting monopolies and other practices that restrained trade.

Clayton Act

The Clayton Act is United States antitrust law enacted in 1914, aimed at promoting fair competition and preventing monopolies, anti-competitive mergers, and unethical business practices.

Chicago School

An economic perspective that emphasizes free markets, minimal governmental intervention, and the rationality of economic agents, primarily associated with the University of Chicago.