When an Asset Is Sold at a Gain, Total Assets

question 143

True/False

When an asset is sold at a gain, total assets and total equity both increase.

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Definitions:

Total Expenditures

The aggregate amount of spending on goods and services in an economy over a specified period.

Total Revenue

The aggregate income a company garners from its sales of goods or provision of services over a designated period.

Quantity Demanded

The specific amount of a good or service consumers are willing to buy at a given price, holding all other factors constant.

Price

The expected, necessary, or contributed financial amount in exchange for something.