2 years ago

Which of the following is not true in regard to selling fixed assets?

1 answer:

4 0

Answer: Option D

Explanation: Accumulated depreciation refers to the total amount of reduction in value that an asset has incurred upto a certain point of time. Depreciation is charged on fixed assets.

When a fixed asset is sold or discarded the accumulated deprecation of such asset is debited from the value to ascertain actual value of the asset.

If the selling amount received exceeds the actual value then a gain is recorded.

Hence from the above we can conclude that the correct option is D.

You might be interested in

When completing a worksheet, the

Radda [10]

please elaborate i dont understande what your asking.

4 0

3 years ago

Earl holds 1,000 pounds of perishable fruit in storage for fresh food corporation. fresh food does not pay for the storage. earl

Sergeeva-Olga [200]

This sale represent A MITIGATION OF DAMAGE.
The principle of the mitigation of damage states that a person who has suffered an injury or loss should take reasonable action where possible to avoid additional injury. The failure to take reasonable action to prevent further loss may result in reduction in the amount that the person can recover if the case is taken to court.

8 0

3 years ago

PLEASE HELP QUICKLY: (FIRST ANSWER GETS BRAINLIEST)

Aliun [14]

To create market stability.

6 0

3 years ago

James is in a class at high school that his regular teachers teach. When he graduates, he plans on enrolling in the local commun

Gemiola [76]

Answer:

Explanation:

8 0