Asked by
Andrea Umali
on Nov 14, 2024Verified
Once an asset is fully depreciated no additional depreciation can be taken even though the asset is still being used by the business.
Fully Depreciated
An asset has reached the end of its useful life, and its book value is reduced to salvage value or zero.
Depreciation
The process of allocating the cost of a tangible asset over its useful life, reflecting its decrease in value over time.
- Understand the concepts and practices related to the depreciation of assets.
Verified Answer
FH
Learning Objectives
- Understand the concepts and practices related to the depreciation of assets.