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0.  A taxpayer engaged in the practice of his profession bought a brand-new motor vehicle in the amount of Php 5 Million. Which is FALSE? S1: Depreciation expense can be claimed if the asset shall be used in business. S2: The motor vehicle, if used in business, shall be classified as an ordinary asset. Group of answer choices d. Both are true b. Only S2 is false c. Both are false a. Only S1 is fal

0.  A taxpayer engaged in the practice of his profession bought a brand-new motor vehicle in the amount of Php 5 Million. Which is FALSE? S1: Depreciation expense can be claimed if the asset shall be used in business. S2: The motor vehicle, if used in business, shall be classified as an ordinary asset. Group of answer choices d. Both are true b. Only S2 is false c. Both are false a. Only S1 is fal

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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30. 

A taxpayer engaged in the practice of his profession bought a brand-new motor vehicle in the amount of Php 5 Million. Which is FALSE?

S1: Depreciation expense can be claimed if the asset shall be used in business.

S2: The motor vehicle, if used in business, shall be classified as an ordinary asset.

Group of answer choices
d. Both are true
b. Only S2 is false
c. Both are false
a. Only S1 is false
 
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