A Gain on Disposal of an Asset Is Recorded When

question 41

True/False

A gain on disposal of an asset is recorded when cash received is less than book value.

---

Definitions:

Percentage

A mathematical term representing a fraction of 100, used to describe proportions or ratios.

Fresh Water

Water that contains minimal amounts of dissolved salts, especially found in lakes, rivers, and streams, as opposed to salt water.

Groundwater

Soil water and water in aquifers.

Aquifers

Underground layers of water-bearing permeable rock, rock fractures, or unconsolidated materials from which groundwater can be extracted using a water well.