Which of the Following Is NOT a Class Under MACRS

question 115

Multiple Choice

Which of the following is NOT a class under MACRS for personal property?

• A) 5 year class
• B) 7 year class
• C) 10 year class
• D) 27.5 year class

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Definitions:

Union Dues Payable

Liabilities recorded on a company's balance sheet for union dues that are owed but not yet paid.

Current Liabilities

A company's debts or obligations that are due within one year.

Long-Term Liabilities

These are obligations or debts that are due to be paid out beyond one year in the future.

Current Liability

A liability that must be paid off within one year or the standard operating cycle of the company, whichever period is greater.