What is the name of the provision in the tax code that requires one-half year's depreciation to be charged in the year in which an asset is acquired and one-half year's depreciation in the final year of depreciation?
What will be an ideal response?
Half-year convention
The half-year convention is designed to simplify computing taxable income. Instead of requiring taxpayers to calculate depreciation from the exact date of purchase to the exact date of disposal, the tax code requires one-half year's depreciation to be charged in the year in which an asset is acquired and one-half year's depreciation in the final year of depreciation.
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Profit under absorption costing may differ from profit determined under variable costing. How is this difference calculated?
a. Change in the quantity of all units in inventory times the relevant fixed costs per unit. b. Change in the quantity of all units produced times the relevant fixed costs per unit. c. Change in the quantity of all units in inventory times the relevant variable cost per unit. d. Change in the quantity of all units produced times the relevant variable cost per unit.
A triangle in a material flow map would best represent?
a. A machine b. A quality inspection that may result in a product being reworked c. A holding area for WIP inventory d. The end of an assembly line
Two parties can mutually agree to rescind a contract unless it is executory.
Answer the following statement true (T) or false (F)
Which maintainability factor specifies the number of unknown errors existing in the system after it is installed?
A) Latent defects B) Number of customers C) Quality of system documentation D) Maintenance personnel