True or false SL depreciation assumes that an equal share of the total depreciation is not taken each year during the asset’s life?
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- True or False Over the life of a depreciable asset, its recorded cost decreases, the related accumulated depreciation increases, and its book value remains constantWith straight-line depreciation, the book value of the asset is reduced by the same amount each year. a. True b. FalseTRUE OR FALSE: In depreciation analysis, the method that will yield the highest book value at the end of n years is always the top factor to consider. Replacement ends depreciation. If a property’s market value becomes 0, the owner has no right to sell it at a value > 0 since this will be taxable at a very large rate. Any net income obtained from selling a depreciated property according to its last market value is considered acapital gain.
- When depreciation estimates are revised, all years of the asset’s life are affected. True FalseFor financial accounting purposes, depreciation expense represents the decreasein an asset's fair market value. Select one: True False The total amount of depreciation taken over the life of a depreciable asset should be less if the double-declining balance depreciation method is used than if the straight-line method is used. Select one: True FalseWhich of these statements about depreciation is true? a. MACRS depreciation incorporates only declining balance depreciation in itscomputations for all assets.b. Straight line depreciation is actually not straight at all, but is based on anexponential decay function.c. For twenty-first century assets in the U.S., MACRS depreciation and taxdepreciation have the same meaning.d. Gains tax is paid on any revenue that exceeds the year's depreciation allowance.
- True or False: In accounting, depreciation represents the decrease in a long-term tangible asset’s fair market value over time.Which method of deprecaution is used when the cost of an asset is written off in equal amounts over its expected economic life? A fixed instalment B accelerated C sum of the digits D diminishing balanceTrue or False: Regardless of the depreciation method used, the book value of a tangible long-term asset at the end of its useful life should equal the asset’s residual value.
- Which of the following is not a requirement for an asset to be depreciable?a. It must have a life longer than 1 year b. It must have a basis(initial purchase plus installation cost) greater than $1,000 c. It must be held with the intent to produce income d. It must wear out or get used up.What is the correct process for determining depreciation expense for partial periods? A: The straight line method should be used for the first year of the assets life. B: The salvage value should be equal to last year's depreciation amount. C: No depretiation should be expensed in the year of acquisition. D: Depreciation for physical years should be broken up between fiscal years.MACRS-GDS deductions are a combination of which other methods of depreciation? a. Sum of Years Digits and Straight Line b. Sum of Years Digits and Declining Balance c. Double Declining Balance and 150% Declining Balance d. Double Declining Balance and Straight Line.