On Disposal of an Asset a Gain or Loss Is

question 19

Multiple Choice

On disposal of an asset a gain or loss is the difference between the proceeds from sale and:

• A) the cost of an asset.
• B) residual value of the asset.
• C) carrying amount of the asset.
• D) revalued amount of the asset.

---

Definitions:

Assimilate

The process of taking in new information or experiences and integrating them into our existing knowledge or cultural beliefs.

Accommodate

To make fit, adjust, or adapt to a particular space, situation, or need.

Schemas

Cognitive frameworks or concepts that help individuals organize and interpret information in the world around them.

Cognitive Developments

The process by which an individual's ability to think, understand, and reason matures over time.