For Tax Purposes,an Asset Is Fully Depreciated to a Book

question 164

True/False

For tax purposes,an asset is fully depreciated to a book value of zero.

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Definitions:

Owner's Equity Account

Represents the amount of capital that the owner or owners of an entity have contributed, including profits retained in the business and personal withdrawals.

Supplies

Items used in the operation of a business or in the production of goods and services that are typically consumed within a short period.

Purchased

Acquisition of goods or services in exchange for money or its equivalent.

Required

Mandatory or necessary conditions or items specified for a particular purpose or activity.