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ensure that the plant asset is obsolete or worn out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

The last one True or false

True or false