Which of the Following Is a Nonprofit Depository Institution That

question 36

Multiple Choice

Which of the following is a nonprofit depository institution that provides services only to members who have a common affiliation?

• A)Commercial banks
• B)Savings institutions
• C)Credit unions
• D)Finance companies

---

Definitions:

Depreciable Rate

The rate at which an asset loses its value over time for accounting and tax purposes, determining its annual depreciation.

MACRS Rates

MACRS Rates refer to the depreciation rates established under the Modified Accelerated Cost Recovery System, allowing for faster depreciation of assets for tax purposes.

Property

Assets owned by an individual or business, which can include physical items like real estate and equipment, or intangible items like intellectual property.

MACRS

The Modified Accelerated Cost Recovery System, a method of depreciation used for tax purposes in the United States allowing faster depreciation.