When a plant asset is sold,the first step is to bring the depreciation up to date.

Name: When a plant asset is sold,the first step is to bring the depreciation up to date.
Brand: Quizplus
Rating: 4.7 (61 reviews)

Question

Quizplus · Accepted Answer

This is because the depreciation recorded on the plant asset up until the point of sale needs to be removed in the accounting records. This ensures that the carrying value of the asset is accurate and reflects the amount for which it can be sold.

When a Plant Asset Is Sold,the First Step Is to Bring