Double-Declining-Balance Depreciation Computes Total Depreciation by Multiplying the Asset's Book

question 52

True/False

Double-declining-balance depreciation computes total depreciation by multiplying the asset's book value by two times the straight-line rate.

---

Definitions:

Form 1120S

A U.S. tax form used by S corporations to report their income, losses, dividends, and other financial information to the IRS.

Service Company

A business that earns revenue through providing services as opposed to selling physical goods.

Transactions

Financial activities that involve the exchange of assets, goods, services, or funds between parties.

QuickBooks

An accounting software package developed and marketed for small and medium-sized businesses, offering various financial management tools.