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retirement of assets

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

Usually means to scrap a long-term plant asset and receive no proceeds from its disposal.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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