Multiple Choice Questions on Profit on sale of fixed assets is ........ for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Profit on sale of fixed assets is ........

General Accounting Principles Fund flow statement 
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    Profit on sale of fixed assets is __________.

    non trading income.    

    Correct Answer

    operating income.    

    Incorrect Answer

    non trading gains.    

    Incorrect Answer

     long term gain.  

    Incorrect Answer
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    Explanation:

    The profit or loss on sale so made is to be adjusted against Profit and Loss (Adjusted) Account for ascertaining Trading Profit. 

    By: SWAPNIL AGGARWAL
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