Which of the Following Is Not a Capital Asset

question 30

Multiple Choice

Which of the following is not a capital asset?

• A)Office building used by a CPA firm.
• B)Antique automobile held by an antique automobile collector.
• C)Land held for investment.
• D)Stock held for investment.

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Definitions:

Departmental Income Statements

Financial reports that show the revenue, expenses, and profit of individual departments within a company.

Department Viability

An assessment of a department’s ability to continue operating effectively, often considering its financial performance and strategic fit within an organization.

Income Statement

A financial statement that shows a company's revenues, expenses, and profits or losses over a specific period.

Departmental Contribution Margin

Departmental Contribution Margin refers to the contribution margin as calculated for specific departments within a company, showing the profit contribution of each department.