Question

Though a piece of equipment is still being used, the equipment should be removed from the accounts if it has been fully depreciated. True or False

Answer 1

Answer : Fasle

explanation

1)if th the equipment or fixed asset is fully depreciated and continues to be used in the business will be reported to the balance sheet at its cost and along with the accumulated depreciation .

2) you should not remove it from the reports because its need to report to the stakeholders and future auditing purpose( maintain a disclosure to the fully depreciated assets )

3) if fully depreciated asset is still being used in the business ,there will be no charge of depreciation expense after the useful life .