ACC MCQ ACC305 Chapter 10 When a long-term asset is sold for cash at a price in excess of its book value, the sale should be reported as an inflow of cash from an investing activity equal to which of the following?

When a long-term asset is sold for cash at a price in excess of its book value, the sale should be reported as an inflow of cash from an investing activity equal to which of the following?

ACC305 Chapter 10

When a long-term asset is sold for cash at a price in excess of its book value, the sale should be reported as an inflow of cash from an investing activity equal to which of the following?

a. Selling price (proceeds)
B. Book value
c. Selling price less the amount of the gain
d. Selling price plus the amount of the gain

Answer: A

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ACC MCQ

When a long-term asset is sold for cash at a price in excess of its book value, the sale should be reported as an inflow of cash from an investing activity equal to which of the following?

When a long-term asset is sold for cash at a price in excess of its book value, the sale should be reported as an inflow of cash from an investing activity equal to which of the following?

Learn More :

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