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

Question

Quizplus · Accepted Answer

Fully depreciating an asset does not mean it should be removed from the accounts; it simply means its cost has been fully allocated over its useful life. The asset remains on the balance sheet at its residual value until it is disposed of.

Though a Piece of Equipment Is Still Being Used, the Equipment