If a Fixed Asset Is Sold and the Book Value

question 44

Multiple Choice

If a fixed asset is sold and the book value is less than cash received,the company must

• A)recognize a loss on the income statement under other expenses.
• B)recognize a loss on the income statement under operating expenses.
• C)recognize a gain on the income statement under other revenues.
• D)Gains and losses are not to be recognized upon the sell of fixed assets.

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Definitions:

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Weight Loss

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T Procedure

A statistical method used to estimate the mean of a population, particularly when the sample size is small and the population variance is unknown.

One-sided Test

A hypothesis test in which the alternative hypothesis specifies a direction of effect, either greater than or less than a value specified in the null hypothesis.