To Determine If There Is a Gain or Loss on the Sale

question 64

Multiple Choice

To determine if there is a gain or loss on the sale of an asset,you must compare:

• A)sales price and original cost.
• B)sales price and residual value.
• C)sales price and carrying amount.
• D)carrying amount and residual cost.

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Definitions:

CDs

Certificates of Deposit, savings certificates with a fixed maturity date and specified fixed interest rate, offering a low-risk investment option.

Quantity Demanded

Refers to the total amount of a good or service that consumers are willing and able to purchase at a given price in a specified time period.

Demand

Demand in economics is defined as consumers' willingness and ability to purchase goods or services at a given price over a specific period of time.

Normal Goods

Goods for which demand increases as consumer income rises, and decreases when consumer income falls.