Which of the Following Statements Is True Concerning the Modified

question 34

Multiple Choice

Which of the following statements is true concerning the modified accelerated cost recovery system (MACRS) for the recognition of depreciation expense,for tax purposes?

• A)7-year property will be depreciated more rapidly than 10-year property under the MACRS depreciation method.
• B)Under MACRS more depreciation will be recorded in the second accounting period than in the first accounting period because of the half-year convention.
• C)MACRS is used for the determination of depreciation expense that is reported on an income tax return.
• D)All of these answer choices are true.

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Definitions:

Youngest

Refers to the most recently formed or newest layer or feature in a geological context.

Layers Deposited

Stratified accumulations of materials such as sediments, volcanic ash, or ice, that settle and build up over time.

Youngest Layer

the most recent geological layer, usually found at the top of a sequence in stratigraphy.

Oldest Layer

Pertains to the earliest or first-formed layer of sediment or rock in a sequence, indicating the earliest period of deposition.