A fully depreciated asset that is still in service must not be reported as an asset on the balance sheet.

Name: A fully depreciated asset that is still in service must not be reported as an asset on the balance sheet.
Brand: Quizplus
Rating: 4.9 (44 reviews)

Question

Quizplus · Accepted Answer

Even though the asset is fully depreciated, it is still in use and providing value to the company. Therefore, it should still be reported as an asset on the balance sheet, but with its accumulated depreciation shown separately.

A Fully Depreciated Asset That Is Still in Service Must