If an Asset Is Fully Depreciated and Retired

question 14

Multiple Choice

If an asset is fully depreciated and retired

• A)a gain on disposal will be recorded.
• B)depreciation must continue to be taken as though the asset were still on the books.
• C)a loss on disposal will be recorded.
• D)no gain or loss on disposal will be recorded.

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Definitions:

Circumstances

The specific conditions or facts affecting a certain event or situation.

Unrestricted Legal Right

A entitlement or privilege under law that is not subject to any conditions or limitations.

Abortion

The termination of a pregnancy before the fetus is capable of independent life.