The statement given in the question is true, an organization may never again require a resources that it possesses, or a resource might have become out of date or wasteful. In this case organization might discard that asset.
A gain result, when a resource is discarded in return for something of more noteworthy worth. Gains are expansions in the business abundance exercises irrelevant to it's primary tasks.
Similarly a losses result, they are diminishes in a business losses because of non-functional exchanges.
But in some cases both gains and losses, really do show up on the income statement, yet they are listed or recorded under a class called ''Other revenues and expenses''.
To learn more about Gains and Losses on Disposal of Assets.
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