When an Asset Is Purchased During the Year It Is

question 261

True/False

When an asset is purchased during the year it is not necessary to record depreciation expense in the first year under the declining-balance depreciation method.

---

Definitions:

Probability

A measure of the likelihood that an event will occur, expressed as a number between 0 and 1, where 0 indicates impossibility and 1 indicates certainty.

Replicable Results

Outcomes of experimental studies or research that can be consistently reproduced under the same conditions.

Procedures

A series of actions or steps taken in order to achieve a particular end, often in a scientific or systematic manner.

Informed Consent

A process ensuring that a person fully understands the risks, benefits, and alternatives of a procedure or participation in research, voluntarily agreeing to it.