A Fully Depreciated Asset That Is Still in Service Is

question 67

True/False

A fully depreciated asset that is still in service is not reported as an asset on the balance sheet.

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Definitions:

Serious Intent

The genuine intention to engage in a legal agreement or action, implying that the party has a real interest in following through.

Effective Offer

A proposal that clearly outlines the terms and conditions of a contract, legally binding once accepted.

Shrink-wrap Terms

The conditions and terms of use that are included with a product's packaging and are accepted by breaking the shrink-wrap or seal.

Enforceable

Capable of being imposed or complied with by law or force.