Which of the Following Statements Is Not True About Depreciation

question 112

Multiple Choice

Which of the following statements is not true about depreciation for tax purposes?

• A)The straight-line method is used for most assets.
• B)The same methods are not acceptable for financial reporting.
• C)Plant assets are written off rapidly.
• D)There is a bonus first-year deduction.

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Definitions:

Punishable

Describing actions or offenses that can lead to legal penalties or sanctions according to the law.

Codified

The transformation of laws or regulations into a systematic code.

Criminal Charges

Formal accusations made by a governmental authority asserting that an individual has committed a crime.

Arrested

The act of detaining a person in legal custody, typically following suspicion of their involvement in criminal activity.