When a long-term asset is sold,both its cost and the related accumulated depreciation must be removed from the accounting records.

Question

Quizplus · Accepted Answer

This statement is true. When a long-term asset is sold, both its cost (original purchase price) and the related accumulated depreciation must be removed from the accounting records to properly reflect the sale and the resulting gain or loss.

When a Long-Term Asset Is Sold,both Its Cost and the Related