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gain or loss on the sale of a long-term asset

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A non-operating item that results from the sale of a long-term asset for more (gain) or less (loss) than its carrying amount or book value.

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  • Debits and Credits
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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