If a Fully Depreciated Plant Asset Is Still Used by a Company

question 5

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.

Analyze manufacturing overhead and its components within budget planning and evaluation.

Calculate and interpret variances in manufacturing overhead including efficiency and spending variances.

Understand the implications of budget variances on net operating income.

Distinguish between planning and flexible budgets, and their respective roles in financial planning.

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