When an Asset Is Purchased (Or Disposed Of) at a Time

question 236

True/False

When an asset is purchased (or disposed of) at a time other than the beginning or the end of an accounting period, depreciation is recorded for part of a year so that the year of purchase or the year of disposal is charged with its share of the asset's depreciation.

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Definitions:

Parasympathetic

Part of the autonomic nervous system responsible for rest and digestion, helping the body to conserve energy and replenish its resources.

Autonomic Nervous System

The part of the nervous system responsible for control of the bodily functions not consciously directed, such as breathing, the heartbeat, and digestive processes.

Hormones

Hormones are chemical messengers produced by the endocrine system that regulate various physiological processes and behaviors in the body.

Endocrine Glands

Glands of the endocrine system that release hormones directly into the blood to regulate body functions.