If a Fully Depreciated Long-Lived Asset Is Still Used by a Company

question 174

Multiple Choice

If a fully depreciated long-lived 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:

Compulsive

Characterized by irresistible urges to perform an action, often repeatedly, against one's conscious wishes.

Point-Of-Purchase

The location or moment where a transaction takes place, often enhanced with advertising or displays to influence consumer behavior.

Psychological Dependence

A condition in which an individual feels an emotional or psychological need for a substance or behavior, often leading to addiction.

Obsessed

Exhibiting an overwhelming or unhealthy fixation or preoccupation with a particular subject, activity, or person.