Gain or loss on the disposal of assets is determined by comparing the disposed asset's book value to the market value of any assets received.

Question

Quizplus · Accepted Answer

This statement is true. The gain or loss on the disposal of assets is determined by comparing the book value of the asset being disposed with the market value of any assets received in exchange. If the market value is higher than the book value, there will be a gain, and if it is lower, there will be a loss.

Gain or Loss on the Disposal of Assets Is Determined