Once an Asset Is Fully Depreciated, No Additional Depreciation Can

question 105

True/False

Once an asset is fully depreciated, no additional depreciation can be taken even though the asset is still being used by the business.

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Definitions:

Nonpolitical Employment

Positions within the government or public sector that are filled based on merit and qualifications rather than political affiliation, ensuring neutrality and efficiency in public service.

Spoils System

A system where a political party rewards its supporters with government positions after achieving electoral success as a thank you for their efforts in securing the win.

Political Capital

The influence, goodwill, or leverage that a politician or organization has, which can be used to achieve political objectives or push through legislative reforms.

Nepotism

The practice among those with power or influence of favoring relatives or friends, especially by giving them jobs.