Which of the Following Statements Is NOT True When a Fully

question 145

Multiple Choice

Which of the following statements is NOT true when a fully depreciated long-lived asset is retired?

• A) The long-lived asset's carrying amount is equal to its estimated residual value.
• B) The accumulated depreciation account is debited.
• C) The asset account is credited.
• D) The long-lived asset's original cost equals its carrying amount.

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Definitions:

Rate of Change

Rate of Change is a measure used in mathematics and economics to represent the speed at which a variable changes over a specific period of time.

Poisson Distribution

A probability distribution that expresses the probability of a given number of events happening in a fixed interval of time or space, assuming events occur with a known constant rate and independently of the time since the last event.

Net Revenue

The total amount of income generated from sales or services after subtracting returns, allowances, and discounts.

Poisson Distribution

A discrete probability distribution that expresses the probability of a given number of events occurring in a fixed interval of time or space, given the average number of times the event occurs over that interval.