Listed below are five terms followed by a list of phrases that describe or characterize each of the terms. Match each phrase with the correct term.
-Gains
A)Net outflows from peripheral transactions.
B)Probable future economic benefits controlled by an entity.
C)Results if an asset is sold for more than book value.
D)Increases in equity from the sale of goods and/or services.
E)All changes in equity except owner transactions.

Question

Quizplus · Accepted Answer

Gains occur when an asset is sold for more than its book value, reflecting a positive difference between the sale price and the recorded value of the asset on the entity's books.

Listed Below Are Five Terms Followed by a List of Phrases