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Once the estimated depreciation expense for an asset is calculated: Multiple Choice It may be revised to reflect changes in the asset's estimated salvage value or useful life. The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes It can be changed only if U.S. tax law changes.

Once the estimated depreciation expense for an asset is calculated: Multiple Choice It may be revised to reflect changes in the asset's estimated salvage value or useful life. The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes It can be changed only if U.S. tax law changes.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Once the estimated depreciation expense for an asset is calculated: Multiple Choice It may be revised to reflect changes in the asset's estimated salvage value or useful life. The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes It can be changed only if U.S. tax law changes.
Transcribed Image Text:Once the estimated depreciation expense for an asset is calculated: Multiple Choice It may be revised to reflect changes in the asset's estimated salvage value or useful life. The estimate itself cannot be changed; however, new information should be disclosed in financial statement footnotes It can be changed only if U.S. tax law changes.
The estimate itself cannot be changed, however, new information should be disclosed in financial statement footnotes. It can be changed only if U.S. tax law changes. Any changes are accumulated and recognized when the asset is sold.
Transcribed Image Text:The estimate itself cannot be changed, however, new information should be disclosed in financial statement footnotes. It can be changed only if U.S. tax law changes. Any changes are accumulated and recognized when the asset is sold.
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Section 179 Deduction and Modified Accelerated Cost Recovery System (MACRS) Depreciation
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