-A plant asset can be removed from the accounting records only when its book value is...
-A plant asset can be removed from the accounting records only when its book value is zero.
Is the following statement True or False?
Homework Answers
Solution:
False, it is not necessary, A plant asset can be removed from the accounting records only when its book value is zero. If future economic benefits are not expected from plant assets it may be discarded earlier without depreciating it in full and loss on disposal is recognized.
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