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
True or false
A fully depreciated plant asset
can be discarded ,sold or exchanged for another plant asset
can no longer be used in the business
is no longer reported on the balance sheet
is removed from the accounting records
when a plant asset is disposal of the business must
immediately replace it
ensure that the plant asset is obsolete or worn out
comply with the conservatism principle and record losses but not gains
bring the depreciation up to date
when a plant asset is sold for less than its book value a gain is recorded
True or false
the units of production method is used to compute depletion expense
True or false
Amoritization is the process by which businesses spread the allocation of an intangible assets cost to expense over its useful life
True ir false
