If an Asset Is Disposed of When It Is Fully

question 10

True/False

If an asset is disposed of 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:

Saliva

A watery fluid produced by the salivary glands in the mouth, essential for chewing and digestion.

Mucus

A viscous, slippery secretion produced by, and covering, mucous membranes.

Esophageal Sphincter

A ring of muscle at the end of the esophagus that closes to prevent stomach acid from coming back up, and opens to allow food to enter the stomach.

Hepatic Duct

A duct that leaves the liver carrying bile and merges with the cystic duct to form the common bile duct.