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.

---

Definitions:

Trait of Disidentification

A psychological process where individuals detach their self-esteem from outcomes in a specific domain to protect their overall self-worth.

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a disdain for other groups.

Stereotype Threat

The risk of confirming negative stereotypes about one's social group, which can impair performance in a relevant area.

Social Dominance Orientation

A personality trait which predicts social and political attitudes, emphasizing hierarchy in the relationships among groups.