Profit on the Sale of an Asset Is Calculated

question 45

Multiple Choice

Profit on the sale of an asset is calculated

• A) By subtracting the disposal proceeds from the current carrying amount of the asset.
• B) After assessing the fair value of the asset and subtracting the proceeds on the sale.
• C) Once depreciation has been applied to the date of sale.
• D) By subtracting the updated carrying amount from the net proceeds on disposal.
• E) None of the given answers.

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Definitions:

Split Form

In database software, a form type that simultaneously displays data in a form view and a datasheet view, facilitating data entry and browsing.

Book Rep

A representative specializing in the promotion and sales of books, often working for a publishing company.

Datasheet

A digital or physical spreadsheet used to record, organize, and manage data in tabular form.

Multilookup Field

In databases, a field that can reference the values from multiple tables or sources, enabling complex data relationships and queries.