Which of the Following Is an Accurate Statement About Book

question 78

Multiple Choice

Which of the following is an accurate statement about book and tax depreciation methods?

• A)Straight-line depreciation is the most popular method for income-tax purposes.
• B)The IRS has their own set of rules to compute depreciation for income tax purposes.
• C)The Modified Accelerated Cost Recovery System can be used for both book and tax purposes.
• D)If an accelerated depreciation method is used for tax purposes,a company will pay more in income taxes.

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Definitions:

Social Responsibility

The obligation of individuals, organizations, or businesses to act in a way that benefits society at large, considering the impact of their actions on environmental, ethical, and societal factors.

Stakeholder Responsibility

The obligation of an organization to consider the interests of all stakeholders in its decisions and activities.

Profit Responsibility

The obligation and accountability of individuals or departments within an organization to achieve financial targets and contribute positively to the company's overall profitability.