Which of the following statements is false?
A)The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP.
B)The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP.
C)Once you select a depreciation method, then you must use this method for all depreciable assets.
D)The annual depreciation expense and year-end book values will differ under the various depreciation methods over the life of the asset.

Question

Quizplus · Accepted Answer

Under GAAP, companies can choose different depreciation methods for different assets, as long as they are applied consistently and appropriately for each asset.

Which of the Following Statements Is False