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:

Loan Length Calculations

The process of determining the duration over which a borrower must repay their loan, factoring in the loan amount, interest rate, and repayment amount.

Monthly Budget

A financial plan that estimates income and sets limits on expenditures for a month.

Occasional Stress

Stress experienced at irregular intervals or only under particular circumstances.

Normal Reaction

A typical or expected response to a specific stimulus or situation based on common experience.