Monty Is in the Business of Song Writing

question 80

Multiple Choice

Monty is in the business of song writing.He writes jingles for television advertisements.He writes a jingle and sells it for a lump sum plus a royalty each time the jingle is played on TV.He has:

• A)Sold a capital asset.
• B)Sold an ordinary asset.
• C)No gain or loss.
• D)An ordinary gain.
• E)b.and d.

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Definitions:

Controllable Costs

Expenses that can be directly controlled or influenced by a manager or decision-maker in the short term.

Lower Levels

May refer to the lower tiers or ranks within an organizational hierarchy or levels of inventory or data below a certain threshold.

Summarized Reports

Summarized reports are condensed versions of financial or operational data, designed to provide stakeholders with an overview of a company's performance or activities.

Responsibility

The obligation to perform duties or tasks assigned and to be accountable for the outcomes of those actions.