When an Asset Is Sold the Resulting Gain or Loss

question 24

Multiple Choice

When an asset is sold the resulting gain or loss is:

• A) reported in other comprehensive income, normally with separate disclosure of income and the carrying amount of the asset
• B) reported in other comprehensive income, normally on a net basis
• C) reported in current period profit or loss, normally with separate disclosure of income and the carrying amount of the asset
• D) reported in current period profit or loss, normally on a net basis

---

Definitions:

Screening Mechanism

A process or method used by entities to filter or select suitable candidates or options based on specific criteria.

Engagement Ring

A piece of jewelry often featuring diamonds or other gemstones, traditionally given during a proposal to symbolize intent to marry.

Direct Marketing

A form of advertising where businesses communicate directly with customers through various channels like mail, email, or phone.

Mass Media Advertising

The process of conveying promotional messages to large, widespread audiences through mediums like television, radio, newspapers, and the internet.