If an Asset Is Sold

question 110

Multiple Choice

If an asset is sold:

• A) depreciation must be recorded to the date of sale.
• B) the cost of the asset is compared to the selling price to determine any gain or loss.
• C) the journal entry to record the sale will include a credit to cash.
• D) for a gain, total assets remain the same and total equity increases.

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Definitions:

Self-Control

The ability to regulate one's emotions, thoughts, and behavior in the face of temptations and impulses.

Developmentalists

Researchers who study the patterns of growth and development that individuals go through over their lifetimes.

Productive

Being effective in achieving or producing a significant amount or result.

Enjoyable

Pertains to an experience or activity that brings pleasure or satisfaction.