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A taxpayer acquires equipment for $10,000. Which one of the following choices is not an acceptable cost recovery period under either MACRS (regular or alternate) or ADS? a) Straight-line for 7 years b) Straight-line for 10 years c) 150% declining balance for 7 years d) 150% declining balance for 10 years e) 200% declining balance for 7 years An accumulated depreciation account: (Only choose one.) A. increases on the debit side B. has a normal credit balance C. is offset against total assets on the balance sheet D. is a contra-liability account

A taxpayer acquires equipment for $10,000. Which one of the following choices is not an acceptable cost recovery period under either MACRS (regular or alternate) or ADS? a) Straight-line for 7 years b) Straight-line for 10 years c) 150% declining balance for 7 years d) 150% declining balance for 10 years e) 200% declining balance for 7 years An accumulated depreciation account: (Only choose one.) A. increases on the debit side B. has a normal credit balance C. is offset against total assets on the balance sheet D. is a contra-liability account

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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A taxpayer acquires equipment for $10,000. Which one of the following choices is not an acceptable cost recovery period under either MACRS (regular or alternate) or ADS? a) Straight-line for 7 years b) Straight-line for 10 years c) 150% declining balance for 7 years d) 150% declining balance for 10 years e) 200% declining balance for 7 years An accumulated depreciation account: (Only choose one.) A. increases on the debit side B. has a normal credit balance C. is offset against total assets on the balance sheet D. is a contra-liability account
Transcribed Image Text:A taxpayer acquires equipment for $10,000. Which one of the following choices is not an acceptable cost recovery period under either MACRS (regular or alternate) or ADS? a) Straight-line for 7 years b) Straight-line for 10 years c) 150% declining balance for 7 years d) 150% declining balance for 10 years e) 200% declining balance for 7 years An accumulated depreciation account: (Only choose one.) A. increases on the debit side B. has a normal credit balance C. is offset against total assets on the balance sheet D. is a contra-liability account
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