Indicate Whether Each of the Following Statements Is True or False

question 87

Short Answer

Indicate whether each of the following statements is true or false.
_____ a) MACRS is an accelerated depreciation method commonly used for tax purposes.
_____ b) The half-year convention is a semi-annual meeting of accountants and educators.
_____ c) MACRS requires that the taxpayer ignore the estimated salvage value.
_____ d) The use of MACRS provides tax benefits in the early years of an asset's life, compared to use of the straight-line method.
_____ e) Most companies use one depreciation method for financial reporting and another method for tax reporting.

---

Definitions:

Birth Rate

Birth rate is the number of live births per thousand people in a population over a given period of time.

R-Selected

A term used in ecology to describe organisms that produce many offspring, with a strategy focusing on quantity over quality for survival.

K-Selected

A term describing organisms that produce fewer offspring, with a greater emphasis on parental care and survival of each offspring.

Severe Blizzard

A violent snowstorm characterized by strong winds, low temperatures, and low visibility lasting for a prolonged period.