Which Statement Concerning Depreciation Is Not True

question 25

Multiple Choice

Which statement concerning depreciation is not true?

• A)Only property that has a determinable life is depreciable.
• B)Deductions for depreciation must be claimed for the year when the depreciation occurred or they will be forfeited.
• C)Personal property converted to business use is not depreciable since it was once used for personal purposes.
• D)Land is not depreciable.

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Definitions:

Cued Recall

A memory retrieval process where an individual is given significant prompts or clues to aid in the recollection of previously learned information.

Recognition

The identification of something as already known or previously encountered, often used in the context of cognitive processes and memory.

Savings

Money that has been set aside for future use rather than being spent immediately, often put in a bank or invested for growth.

Memory

The mental function that enables individuals to retain, recall, and use past experiences or information.