If a Fully Depreciated Plant Asset Is Still Used by a Company

question 79

Multiple Choice

If a fully depreciated plant asset is still used by a company the

• A) estimated remaining useful life must be revised to calculate the correct revised depreciation.
• B) asset is removed from the books.
• C) accumulated depreciation account is removed from the books but the asset account remains.
• D) asset and the accumulated depreciation continue to be reported on the balance sheet without adjustment until the asset is retired.

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Definitions:

Difficult Goals

Goals that are challenging and require significant effort and resources to achieve, often leading to higher levels of motivation and performance.

Greatest Effort

The highest level of effort or dedication that an individual or group can provide towards completing a task or achieving a goal.

Team- and Group-Based Incentive System

A compensation system where rewards are based on the performance of a team or group, rather than the individual performance alone.

Gainsharing

A performance-based compensation strategy that shares the financial benefits of improved productivity, cost savings, or quality enhancements with employees.