Once an asset is fully depreciated, no additional depreciation can be taken even though the asset is still being used by the business.

Question

Quizplus · Accepted Answer

This is true. Once the asset is fully depreciated, the cost of the asset has been completely allocated and there is no further cost to be deducted through depreciation. However, the asset can still be used by the business until it is no longer functional or sold.

Once an Asset Is Fully Depreciated, No Additional Depreciation Can