Identify Which of the Following Statements Is False

question 105

Multiple Choice

Identify which of the following statements is false.

• A)When tax advisors speak of the "tax law," they usually have in mind just the Internal Revenue Code.
• B)Members from both the House and the Senate are on the Conference Committee.
• C)Records of committee hearings are helpful in determining Congressional intent.
• D)All of the above are false.

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Definitions:

Double-declining-balance Method

A method of accelerated depreciation which doubles the straight-line depreciation rate, applying it against the un-depreciated balance each year.

Depreciation Schedule

A table detailing the periodic depreciation expense for an asset over its useful life.

Annual Depreciation

The process of allocating the cost of a tangible asset over its useful life on a yearly basis.

Useful Service Life

The estimated period over which a fixed asset is expected to be usable by the company.