Which of the Following Assets Held by a Cash Basis

question 111

Multiple Choice

Which of the following assets held by a cash basis accounting firm is a § 1231 asset?

• A) An account receivable from a client.
• B) A desk used in the business and held more than one year.
• C) An investment in Orange Company common stock.
• D) A computer used in the business, held more than one year, but fully depreciated under § 179 when acquired.
• E) b. and d.

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Definitions:

Labor Union Membership

The number of workers enrolled in labor unions, organizations that advocate for their interests.

Labor Force

The labor force comprises all the working-age people in an economy who are either employed or actively looking for work.

Monopsony

A market condition where there is only one buyer for a product or service, giving the buyer significant power over prices and terms of sale.

Collective Bargaining

The process by which employers and a group of employees negotiate wages, working conditions, and other employment terms.