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a loss on disposal of a plant asset is reported in the financial statements question 2 options: in the other revenues and gains

sergejj [24]

A loss on the sale of a plant asset is disclosed in the financial statements (D) in the Other Expenses and Losses column of the income statement.

<h3>What are financial statements?</h3>

Financial statements are documents that describe a company's operations and financial performance.

Government organizations, accounting companies, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investing purposes.

Financial statements that must be provided are the income statement, balance sheet, and statement of cash flows.

These three statements can be used by traders as educational tools to assess a company's financial health and to quickly determine its underlying value.

The income statement's Other Expenses and Losses column is where a loss on the sale of a plant asset is disclosed in the financial statements.

Therefore, a loss on the sale of a plant asset is disclosed in the financial statements (D) in the Other Expenses and Losses column of the income statement.

Know more about the financial statements here:

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Correct question:
A loss on disposal of a plant asset is reported in the financial statements

A) as a direct increase to the capital account on the balance sheet.

B) in the Other Revenues and Gains section of the income statement.

C) as a direct decrease to the capital account on the balance sheet.

D) in the Other Expenses and Losses section of the income statement.

6 0

1 year ago

The nation of Newbie is establishing its monetary system and is designing its currency. The first proposal is to issue the Newbi

aliya0001 [1]

Answer:

The answer is yes, it will function as a medium of exchange.

Explanation:

Money has three functions, store of value, unit of account and medium of exchange. Money that can be used as a medium of exchange is money that is accepted as such by both buyers and sellers, and that is comfortable, or convenient enough, to be carried and exchanged

In this example, the nation of Newbie will issue a currency that can be easily transported. While heavy stock cardboard is a little bit heavier than the paper in which most modern-day currencies are printed, the weight is still light, and does not impede easy transportation and exchange of the currency bills.

Besides, the new Newbie Nugget will be what is know was the legal tender of the nation. The legal tender is the currency that a specific country accepts to collect taxes. This gives more legitimacy to Newbie Nugget and makes it a classical example of a medium of exchange.

3 0

4 years ago

Question 6

VARVARA [1.3K]

In order for Sarah to create a new custom management report, the following are required:

Select edit on the management report.
She'll select the reports option that's on the left.
Then, she will click on the add new report button.

<h3>What is custom management report?</h3>

It should be noted that the custom management report gives a combined view of the income statement account and balance sheet in order to have a broad view of the company.

Learn more about management reports on:

brainly.com/question/11599232

6 0

2 years ago

Your client has been in touch to ask how they can deactivate the multicurrency setting. How would you respond? Choose the correc

Ipatiy [6.2K]

Answer: 2. Once multicurrency has been activated, it cannot be deactivated

Explanation:

Quickbooks is an accounting software mostly for small to medium businesses.

One of the features they offer is the multicurrency setting which enables users to record transactions in a host of foreign currencies.

This feature however requires care to be used simply because once it is turned on, it cannot be deactivated. For this reason Quickbooks warns the user several times before they activate it.

7 0

3 years ago

Leslie, the owner of a shoe store, purchased 500 Model XT-50 running shoes from her supplier, but a price was not stated in the

SIZIF [17.4K]

Answer:

False

Explanation:

The contract is not voidable at Leslie's option but rather at the supplier's option. This is because Leslie has agreed to the buy the shoes, irrespective of the price.

Should Leslie want a price stated in the contract, the case has to be taken to court and the judge will have a price stated that suits both parties.

Cheers

3 0

3 years ago