Meaning of Gain or loss on the sale of assets
How we at Bookkeeping Support Define the Meaning of Gain or loss on the sale of assets​
The difference between an asset’s selling price and book value determines whether there was a gain or loss when it was sold.
How AI Define the Meaning of Gain or loss on the sale of assets
Gain or loss on the sale of assets refers to the difference between the amount received from selling an asset and its original purchase price. A gain occurs if the selling price is higher than the purchase price, and a loss occurs if the selling price is lower.
