MACRS Requires the Use of One of Three Conventions

question 50

Multiple Choice

MACRS requires the use of one of three conventions. For personal property, the general and most common convention is

• A)mid-life
• B)mid-quarter.
• C)mid-month.
• D)mid-year.

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Definitions:

New Data

Refers to freshly gathered or produced information that has not been previously recorded or analyzed.

Summary Report

A report generated by a management information system that provides a consolidated picture of detailed data; these reports usually include some calculation or visual displays of information.

Transactions

In computing and database management, a transaction is a sequence of information exchange and work done in database systems that are treated as a single unit of work; it must either complete entirely or not at all.

MIS

Short for Management Information Systems, these are computerized databases of financial information organized and programmed in such a way that they produce regular reports on operations for every level of management in a company.