A Fully Depreciated Asset Must Be

question 52

Multiple Choice

A fully depreciated asset must be:

• A) removed from the books.
• B) kept on the books until sold or discarded.
• C) disclosed only in the notes to the financial statements.
• D) recognized on the income statement as a loss.

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Definitions:

Fair Credit Reporting Act

A federal law in the United States designed to protect the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.

Consumer Credit Report

A document detailing an individual's credit history, used by lenders to assess creditworthiness for loans and credit.

Binding Credit Obligation

A legally enforceable promise or agreement that requires an individual or business to repay borrowed money or fulfill financial commitments.

Rescinds

To rescind is to revoke, cancel, or repeal a law, order, or agreement.