Question
9.Which of the following is not true with regard to sellingfixed assets for cash? a. The cash receipt is recorded. b. The cash payment to
9.Which of the following is not true with regard to sellingfixed assets for cash?
a. The cash receipt is recorded.
b. The cash payment to the buyer is recorded.
c. The journal entry is similar to discarding fixed assets.
d. If the selling price is more than the book value, a gain isrecorded.
10.In regard to discarding fixed assets, which of the followingis not true?
a.If an asset has not been fully depreciated, depreciationshould not be recorded before removing the asset from theaccounting records.
b.If an asset has not been fully depreciated, depreciationshould be recorded before removing the asset from the accountingrecords.
c.If a fixed asset is no longer used and has no residual value,it is written off.
d.If a fixed asset is no longer used and has no residual value,it is discarded.
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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
