The Modified Accelerated Cost Recovery System (MACRS) is a depreciation method that
A)is used for tax purposes.
B)must be used for financial statement purposes.
C)is required by the SEC.
D)expenses an asset over a single year because capital acquisitions must be expensed in the year purchased.

Question

Quizplus · Accepted Answer

MACRS is a method used primarily for tax purposes in the United States to accelerate the depreciation of property. It is not required for financial statements or by the SEC, nor does it require expensing an asset in a single year.

The Modified Accelerated Cost Recovery System (MACRS) Is a Depreciation