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:

Border Slave States

The U.S. states located along the border between the northern states, where slavery was illegal, and the southern states, where slavery was legal, prior to and during the Civil War.

Unconstitutional

A term describing any law, decree, or government action that violates the constitution.