Which of the following statements is not true about depreciation for tax purposes?
A)The straight-line method is used for most assets.
B)The same methods are not acceptable for financial reporting.
C)Plant assets are written off rapidly.
D)There is a bonus first-year deduction.

Question

Quizplus · Accepted Answer

The straight-line method is not predominantly used for tax purposes; instead, accelerated methods like MACRS (Modified Accelerated Cost Recovery System) are commonly employed to allow for faster depreciation of assets.

Which of the Following Statements Is Not True About Depreciation