Exam kit question Home › Forums › FIA Forums › FA2 Maintaining Financial Records Forums › Exam kit question New Reply This topic contains 1 reply, has 2 voices, and was last updated by Ken Garrett 10 months, 1 week ago. Viewing 2 posts - 1 through 2 (of 2 total) Author Posts March 14, 2016 at 6:37 pm Gwen HenryParticipant Which of the following best describes the gain or loss on the disposal of a non current asset? Ans. The correction of forecasting errors when the asset’s useful life and residual values were estimated. Need help with the problem. Really confused. March 18, 2016 at 8:21 am Ken GarrettKeymaster If depreciation was completely accurate so that the asset’s net book value was always equal to its sale value, there would be no gain/loss on disposal. Depreciation depends on estimating residual value and asset life. If these are wrong, there will be a gain or loss on disposal. Author Posts Viewing 2 posts - 1 through 2 (of 2 total) You must be logged in to reply to this topic.