The Cost Recovery Period for Three-Year Class Property Is Four

question 106

True/False

The cost recovery period for three-year class property is four years.

---

Definitions:

Time And A Half

The payment rate typically used for overtime work, equal to one and a half times the regular hourly wage.

Notes Payable

Short-term or long-term liabilities recorded when a business borrows money or purchases goods or services on credit with a formal written promise to pay.

Calendar-Year Company

A company that operates its fiscal year in alignment with the calendar year, beginning January 1st and ending December 31st.

Balance Sheet

A document detailing a corporation's assets, debts, and owner's equity at a certain point in time.