Corel Sales Sold Its Old Office Furniture for $5,000

question 115

Multiple Choice

Corel Sales sold its old office furniture for $5,000. Its original cost was $10,000 and at the time of sale, it had accumulated depreciation of $7,000. What was the effect of the transaction?

• A)gain of $5,000
• B)gain of $2,000
• C)loss of $2,000
• D)loss of $5,000

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Definitions:

Examples

Specific instances or cases used to illustrate a point, principle, or method.

Participatory Approach

A method of involving all stakeholders in the decision-making process, ensuring that diverse viewpoints are considered.

Top-Down Decision-Making

A hierarchical approach to decision making where decisions are made at the top levels and passed down to lower levels for implementation.

Direct Approach

A straightforward method of communication or action where intentions or needs are stated openly and without evasion.