Answer the following statements true (T) or false (F)
1. The double-declining-balance method is an accelerated method of depreciation.
2. The use of the Modified Accelerated Cost Recovery System (MACRS) is acceptable for financial reporting under GAAP.
3. The units-of-production method allocates a varying amount of depreciation each year based on an asset's usage.
4. The double-declining-balance method ignores the residual value until the depreciation expense takes the book value below the residual value.
5. An accelerated depreciation method expenses more of the asset's cost at the end of its useful life.
1. TRUE
2. FALSE / Explanation: The use of Modified Accelerated Cost Recovery System (MACRS) is only acceptable for tax purposes.
3. TRUE
4. TRUE
5.FALSE / Explanation: An accelerated depreciation method expenses more of the asset's cost at the start of its useful life.
You might also like to view...
The speed at which you speak is referred to as
A) tone B) non-?uencies C) pitch D) rate
_____ is an orderly series of stages in which consumers' attitudes and behavioral tendencies evolve through maturity, experience, and changing income and status
a. Socialization b. Maslow's hierarchy c. The family life cycle d. Showrooming
A measure of the total greenhouse gas emissions caused directly or indirectly by an organization, a product, an event, or a person is the nitrogen footprint
Indicate whether the statement is true or false
Cybersquatting occurs when key words are inserted into the hyper text markup language code to tell Internet browsers specific information about a Web page
Indicate whether the statement is true or false