Many companies use MACRS (Modified Accelerated Cost Recovery System) depreciation for
a. financial reporting purposes and a different method for tax purposes.
b. financial reporting purposes because depreciation is not allowed for tax purposes.
c. tax purposes because it results in a larger net income in the early years of a plant asset's life
d. tax purposes because of a desire to report higher expenses in early years in order to pay lower taxes.
d
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The need for assurance services arises because the interests of the users of information may be different from that of the interests of those responsible for providing information
a. True b. False Indicate whether the statement is true or false
In which stage of the consumer's adoption of a new product does the purchase actually take place?
A) awareness B) adoption C) interest D) tipping point E) evaluation
Xavier and Yolonda have original investments of $50,000 and $100,000 respectively in a partnership. The articles of partnership include the following provisions regarding the division of net income: interest on original investment at 10%, salary allowances of $27,000 and $18,000 respectively, and the remainder equally. How much of the net loss of $6,000 is allocated to Xavier?
A) $4,000 B) $1,000 C) $3,000 D) $6,000
Examples of revenue accounts include all of the following except:
a. Delivery Fees. b. Wages. c. Professional Fees. d. Sales. e. Medical Fees.