If an asset is being discarded then there is no need to update the depreciation prior to disposal.

Name: If an asset is being discarded then there is no need to update the depreciation prior to disposal.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The depreciation needs to be updated prior to disposal, as it affects the asset's net book value and the gains/losses on disposal. The updated depreciation is used to calculate the asset's carrying amount or net book value at the time of disposal.

If an Asset Is Being Discarded Then There Is No