What entry is made when a fixed asset is sold?

Q: The difference between book value of the asset with the proceeds receive from its sale, with result…

A: Assets:   It refers to the economic value of all resources owned by the business at a given point in…

Q: What is the formula for the NET FIXED ASSET if it is not given in the financial statement?

A: The net value of a company's fixed assets is measured using net fixed assets. In a nutshell, net…

Q: Assets are usually valued under which basis? A. replacement cost B. historical cost C. net…

A: In terms of accountancy, an asset can be defined as a business resource which can be utilized to…

Q: WHAT IS LEGAL LIFE OF THE ASSET?

A: SOLUTION- LEGAL LIFE OR USEFUL LIFE OF ASSET- AN ASSET LEGAL LIFE IS THE PERIOD OF TIME (OR TOTAL…

Q: WHAT IS TECHNICAL OBSOLECENSE OF ASSET

A: The term obsolete refers to the fact that a commodity is no longer in use. Obsolescence refers to…

Q: key characteristic for theclassification of an asset as ‘held for sale’ is that the carrying amount…

A: As per IFRS 5 a non-current asset or disposal group is classified as held for sale if its carrying…

Q: Which of the following has the right to sell an asset at a predetermined price?

A: A put option is an instrument which provides its holder an option to sell an underlying asset on a…

Q: In accounting for the acquisition of assets, the assets acquired are to be recorded at the…

A: Fixed assets of the business are very important assets which includes Land, Plant & Machinery,…

Q: What is the effect of loss of the thing or object in a contract of sale?

A: What is the Sale of contract: It is the legal contract between seller and buyer to sale the goods at…

Q: The book value of an asset is computed as the asset's _____.

A: The assets can be defined as fixed assets and current assets.

Q: The cost of an asset that is subject to depreciation os called?

A: Assets: Assets are those resources that are owned by the business organization which has an economic…

Q: If an asset that is not fully depreciated is sold or disposed, but the fixed asset records are not…

A: Fixed Asset: The asset used by company for more than one year is known as fixed asset. Fixed asset…

Q: Describe how the value of any asset is determined.

A: An asset can be any tangible or intangible asset that can be owned by a business or individual to…

Q: Asset-Based approach in valuation

A: Assets are the future economic benefit of the company that is sacrificed in paying off the debt and…

Q: What does the asset turnover ratio measure, and how is it calculated?

A: Profitability ratios: In general, financial ratios are used to evaluate capabilities, profitability,…

Q: How do you identify an asset with reference to AASB?

A: Balance sheet: A balance sheet is a statement of assets, liability, and equity. It is prepared after…

Q: What is the difference between a current asset and a fixed asset?

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: What is the name of the market where assets are bought or sold for "on the spot" delivery? Select…

A: In the given question we are given 4 options and we are required to choose one correct option.

Q: provide an explanation of the concept of asset acquisition cost

A: The cost incurred in purchasing an asset is referred to as asset acquisition cost. It's beneficial…

Q: What document shows when fixed assets are fully depreciated?

A: Depreciation: Depreciation means decrease in the value of tangible asset. Depreciation is a…

Q: n accounting for the acquisition of asset the asset acquired are to be recorded at the cost of…

A: Assets means the resources which is owned by business and used in business for earning profits.…

Q: The historical cost principle requires that when assets are acquired, they be recorded at Select…

A: Historical cost principle  Historical cost refers to the cost at the time of acquisition. Since…

Q: The difference between book value of the asset with the proceeds received from its sale, will result…

A: The book value of an asset is the value of the asset calculated by deducting the accumulated…

Q: Which of the following are criteria for determining whether to record an asset as a fixed asset?…

A: Fixed asset is defined as anything which is utilized for more than single accounting period and…

Q: right of use asset

A: Correct Answer :- C Sale price

Q: ce sh

A: 1.The asset section of a classified balance sheet for Hashey, Inc.:- Current assets       Cash…

Q: If a newly acquired asset is ‘held for sale’, the asset or disposal group will be measured at

A: A newly acquired asset is considered as a held for sale to a distributors when a non-current asset…

Q: What is the total loss on realization of noncash assets?

A: Noncash assets are assets that would not be easily converted into cash by the company.

Q: What is the cost of right of use of asset?

A: Given in the question: Sales Price 20,000,000 Fair Value 18,000,000 Carrying Amount…

Q: What is the nature of a sale on consignment?

A: Consignment is a business sale transaction between a consignor and a consignee. Under consignment…

Q: As a result of the transaction, what is the effect on the profit or loss? what is the cost of the…

A: On the occasion of disposal/exchange/sale of an asset, the net income of the entity is impacted by…

Q: what is the important difference in the acquisition and payment of long-lived assets compared to…

A: Assets are the resources owned by an entity for the purposes of using them for future or for…

Q: True or False?

A: Meaning of Right of use asset The right of use asset is recorded by the lessee in the balance…

Q: Define the term the depreciable life of the asset?

A: Depreciation  is an accounting process through which allocation of an asset’s cost during its useful…

Q: What is the objective in identifying the costs of an asset?

A: Asset:   It represents the tangible and intangible resources owned by the business for a particular…

Q: What do you mean when you say the depreciable life of an asset is defined?

A: The question explains about the depreciable life of an asset is defined

Q: The historical cost principle requires that when assets are acquired, they be recorded at appraisal…

A: The historical principle helps to determine the value of assets to be recorded in the books of…