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Disposes of equipment that it no longer uses. The amount received is more than the amount in the accounting records. The company will report a(n)

a. Expense b. Gain c. Loss d. Revenue

Major Accounts Accounting Tax Accounting
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Question added by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
Date Posted: 2014/05/08
Upvote (6) Views (11) Followers (5) Answers (11) Report Question
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Rashad Moursi
by Rashad Moursi , Finance Director & Business Development, International Business Transformer Owners Repr. - Hotels , Investment and financial

The amount received more than net book value will report as gain arising from non-main activity and will appears in other comperhansive income statement.  

Amer Sadiq
by Amer Sadiq , Chief Accountant , Majid Al Futtaim Retails

gain

ahmad assaf
by ahmad assaf , Internal Auditor , Excillis Finance co.

b

jabar Hussain
by jabar Hussain , Employee , Service Industries Limited Gujrat

B.Gain

Muhammad Fiaz
by Muhammad Fiaz , GROUP MANAGER ACCOUNTS, FINANCE AND TAX , SMPL Group of Companies

Gain from disposal of assets

Shahnawaz Alam Md Kalimuddin
by Shahnawaz Alam Md Kalimuddin , Senior Account Executive , Satguru Travels & Tours Pvt. Ltd

Its a kind of indirect income so should be option B-Gain

Umer Sharif
by Umer Sharif , Head Of Accounts Dept , Allied Petroleum Pvt Ltd

B

shaimaa selim
by shaimaa selim , Accountant , Center for Egyptian women's legal assistance (CEWLA foundation)

B is the correct answer

Roberto Ramil, Jr.
by Roberto Ramil, Jr. , Branch Operation Officer, Internal Auditor, Accountant , Producers Savings Bank Corporation

C

Muhammad Usman Ashraf
by Muhammad Usman Ashraf , VAT Accountant , Jumeirah Golf Estates

B

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