If an Asset Is Disposed of During the Year,there Is

question 1

True/False

If an asset is disposed of during the year,there is no need to calculate depreciation from the beginning of the year of disposal to the date of disposal.

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Definitions:

Contract

A legal agreement between two or more parties that creates obligations which are enforceable or recognized by law.

Mistake of Fact

A misunderstanding by one or more parties to a contract about a material fact that is essential to the agreement, which can sometimes render the contract voidable.

Rescission

The act of revoking, canceling, or annulling a contract, returning all parties to their statuses prior to the contract's formation.

Mistake of Law

An error made by a person in understanding the law as it pertains to their actions, which generally is not considered a defense in criminal law.