If Disposal of a Plant Asset Occurs During the Year

question 109

Multiple Choice

If disposal of a plant asset occurs during the year depreciation is

• A) not recorded for the year.
• B) recorded for the whole year.
• C) recorded for the fraction of the year to the date of the disposal.
• D) not recorded if the asset is scrapped.

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Definitions:

Social Equality

Social equality refers to a state of affairs in which all individuals within a society have the same status in certain respects, including civil rights, freedom of speech, property rights, and equal access to social goods and services.

Northern State

In the context of the American Civil War, a Northern state refers to any of the states that were part of the Union, opposing the seceding Confederate Southern states.

Common Schools

Early public schools in the United States aimed at providing basic education to children of all social classes.

Social Equality

A state in which all individuals within a society have the same status in terms of rights, freedoms, and opportunities.