Which of the following is correct regarding gain or loss on disposal of a long-lived asset?
A)Failure to report a gain on the sale of an asset results in an overstatement of net income.
B)Failure to report a gain on the sale of an asset results in an understatement of stockholders' equity.
C)Failure to report a loss on the sale of an asset results in an understatement of net income.
D)Failure to report a loss on the sale of an asset results in an understatement of earnings per share.

Question

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The Answer of Which of the following is correct regarding gain or loss on disposal of a long-lived asset?
A)Failure to report a gain on the sale of an asset results in an overstatement of net income.
B)Failure to report a gain on the sale of an asset results in an understatement of stockholders' equity.
C)Failure to report a loss on the sale of an asset results in an understatement of net income.
D)Failure to report a loss on the sale of an asset results in an understatement of earnings per share.

Which of the Following Is Correct Regarding Gain or Loss