If an Asset Is Fully Depreciated,but It Can Continue to Be

question 28

True/False

If an asset is fully depreciated,but it can continue to be used,the asset account and accumulated depreciation balance remain on the books,and no further depreciation is recorded.

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Definitions:

Variable Costs

Costs that vary directly with the level of production or the volume of output.

Fixed Costs

Costs including rent, salaries, and insurance that stay the same regardless of production or sales amounts.

Variable Costs

Costs that fluctuate with the level of production or sales volume, such as materials and labor.

Fixed Costs

Expenses that do not change in total regardless of changes in the volume of goods or services produced or sold.