Which of the Following Statements Is Not True When a Fully

question 40

Multiple Choice

Which of the following statements is not true when a fully depreciated long-term asset is retired?

• A)The long-term asset's book value is equal to its estimated salvage value.
• B)The accumulated depreciation account is debited.
• C)The asset account is credited.
• D)The long-term asset's original cost equals its book value.

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Definitions:

Price

The sum in money expected, obligated, or dispensed as compensation for something.

Demand Curve

A chart that illustrates the connection between a product's price and the amount of the product buyers are prepared to buy.

Change In Income

The difference in an individual's or household's income over a specific period, indicating an increase or decrease.

Demand

The desire for a particular product or service combined with the ability and willingness to pay for it.