Accounting for IGCSE & O level - Accounting Procedures (Section 16 - No. 6)
In the context of the disposal of an asset, what does the term 'proceeds' refer to?
The original cost of the asset.
The net book value of the asset.
The selling price of the asset.
The depreciation expense recorded on the asset.
Explanation
The proceeds is the money that the company receives from selling the asset.
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