Fred Purchases and Places in Service in 2015 Personal Property

question 15

Multiple Choice

Fred purchases and places in service in 2015 personal property costing $221,000.What is the maximum Sec.179 deduction that Fred can deduct,ignoring any taxable income limitation?

• A)$25,000
• B)$21,000
• C)$4,000
• D)$200,000

Compare and contrast International Financial Reporting Standards (IFRS) with Generally Accepted Accounting Principles (GAAP).

Understand the roles and objectives of financial auditing.

Recognize the need for and challenges of international accounting standards.

Familiarize with basic concepts and definitions in accounting including assets, liabilities, and owner's equity.

---

Definitions:

Labor Supply Curve

A graphical representation showing the relationship between the quantity of labor supplied and the wage rate, typically illustrating that higher wages attract a larger labor supply.

Technological Change

Refers to the process of innovation and improvement in technology which leads to new products, services, or more efficient ways of doing things.

Demand Curve

A graph showing the relationship between the price of a good and the quantity of the good that consumers are willing to purchase at that price.

Productivity

The efficiency with which input resources are converted into outputs, often measured as the amount of goods or services produced per unit of input.