Asset retirement

/Asset retirement

Asset retirement

Asset retirement: Point at which asset is no longer useful and is disposed of

  • Asset cost and accumulated depreciation for the asset are removed from the books
  • Gain or loss on disposition whether sold or scrapped will likely to go under extraordinary income

M_8F_Asset_retirement

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By | 2018-01-22T10:24:11+00:00 August 13th, 2015|0 Comments

About the Author:

John Gillingham is a CPA and Accounting App Developer in San Francisco, California. Check the iOS App Store for Accounting Flashcards and the Debits & Credits Game. On Android: Learn Accounting Flashcards. Also on Kindle and iBooks.

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