When an Asset Is Sold the Gain or Loss on Disposal

question 64

Multiple Choice

When an asset is sold the gain or loss on disposal is the difference between the:

• A) proceeds of sale and the original cost of the asset.
• B) proceeds of sale and the carrying amount of the asset.
• C) proceeds of sale and the fair value of the asset.
• D) original cost and the accumulated depreciation of the asset.

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Definitions:

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