Which of the statements below is FALSE?

A) The current book value of an asset serves as the basis for determining the gain or loss at disposal.

B) Book value is the original cost of the asset plus the accumulated depreciation.

C) A gain on disposal is recognized when the selling price of the asset is greater than the book value.

D) A loss on disposal is recognized when the selling price of the asset is less than the book value.

Answer rating: 100% (QA)

B Book value is the original cost of the asset plus the accumulated depreciation Stat... View the full answer