A Gain on the Sale of Plant Assets in the Ordinary

question 6

Multiple Choice

A gain on the sale of plant assets in the ordinary course of business should be presented in a statement of cash flows as a (an)

• A) Source and use of cash
• B) Use of cash
• C) Addition to income from continuing operations
• D) Deduction from income from continuing operations

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Definitions:

Limited Liability Partnership

A business structure that offers its owners limited personal liability for the debts and actions of the partnership, while operating with a flexible management structure.

Statutorily Required Filing

Refers to documents or submissions that must be filed according to law or statute.

Obligations

Duties or responsibilities imposed by law, contract, or conscience that one party owes to another.

Assign Partnership Interest

The transfer of a partner's ownership interest in a partnership to another party, subject to the terms of the partnership agreement.