If an Asset Is Discarded When It Is Fully Depreciated

question 119

True/False

If an asset is discarded when it is fully depreciated and has no residual value,the business does not need to make a journal entry because the book value is zero.

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Definitions:

Empirical Approach

A method of inquiry that relies on direct observation, experimentation, and evidence-based understanding to gain knowledge and facts.

Observation

The act of closely monitoring or examining something or someone to gain information or understanding.

Experimentation

The methodical testing of theories or hypotheses by manipulating variables to observe their effects.

Scientific Attitude

A mindset characterized by curiosity, skepticism, and openness to evidence and reasoning, rather than by belief or intuition.