When an organization disposes of a long-lived asset,it should determine and record the gain or loss on the disposal of the asset.

Question

Quizplus · Accepted Answer

When an organization disposes of a long-lived asset, it should determine and record the gain or loss on the disposal of the asset in order to reflect the impact on the financial statements. This is required under Generally Accepted Accounting Principles (GAAP).

When an Organization Disposes of a Long-Lived Asset,it Should Determine