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

question 114

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 statement of financial position without adjustment until the asset is retired.