Gross Selling Price Includes

question 58

Multiple Choice

Gross selling price includes
I.the amount of a seller's debt assumed by the buyer.
II.the fair market value of services received by the seller from the buyer.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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Definitions:

Debt Securities

Financial instruments representing money borrowed that must be repaid, including bonds, debentures, and notes.

Dividend Income

Earnings received from owning shares in a company, typically distributed from the company's profits.

Interest Earned

The income received from investments, savings, or as interest payments from loans.

Reporting Currency

The currency used in financial statements to represent an entity's financial performance and position, often the national currency where the company is domiciled.