After an Asset Is Fully Depreciated, at What Amount Is

question 37

Short Answer

After an asset is fully depreciated, at what amount is the asset kept on the book?

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Definitions:

Accumulated Depreciation

The cumulative amount of depreciation that has been charged to a fixed asset throughout its period of use.

Original Cost

The initial expenditure involved in acquiring an asset, including purchase price, transportation, and installation.

Depreciation

The systematic allocation of the cost of a tangible asset over its useful life, reflecting wear and tear.

Fixed Assets

Long-term tangible assets used in the operation of a business that are not expected to be converted into cash in the upcoming year.