A Photocopier Cost $104,000 When New and Has Accumulated Depreciation

question 190

Multiple Choice

A photocopier cost $104,000 when new and has accumulated depreciation of $95,000.If the business discards this plant asset,the result is ________.

• A) a loss of $9000
• B) a loss of $95,000
• C) a gain of $9000
• D) no gain or no loss

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Definitions:

Non-executive Directors

Board members who are not part of the company's day-to-day operations but are responsible for oversight and strategic guidance.

Chief Financial Officer

A senior executive responsible for managing the financial actions of a company, including financial planning, risk management, and financial reporting.

General Manager

An executive responsible for overseeing the daily operations and business activities within a specific area or department of a company.

Significant Influence

The power to participate in the financial and operating policy decisions of a business but is not control over those policies.