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Which depreciation method is used to determine depreciation for income tax purposes? A. Straight-line B. Double-declining balance C. Units-of-production D. MACRS
MACRS is used to determine depreciation for income tax purposes.
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Asked 5/1/2015 8:54:26 PM
Updated 5/2/2015 1:22:40 AM
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MACRS is used to determine depreciation for income tax purposes.
Added 5/2/2015 1:22:40 AM
This answer has been confirmed as correct and helpful.
Confirmed by jeifunk [5/2/2015 1:49:23 AM], Rated good by jeifunk
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Purchases are a/an A. cost. B. asset. C. liability. D. revenue.
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Updated 1/10/2016 8:32:51 AM
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Purchases are a cost.
Added 1/10/2016 8:32:51 AM
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When the term F.O.B. shipping point is used, title passes when the A. goods reach the halfway point. B. goods reach the destination. C. goods are shipped. D. buyer unpacks the goods.
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Updated 5/1/2015 5:38:47 AM
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When the term F.O.B. shipping point is used, title passes when the goods reach the destination.
Added 5/1/2015 5:38:47 AM
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Rated bad by brycetruhlar
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The inventory method where the cost flows tend to follow the physical flow is A. LIFO. B. FIFO. C. weighted-average. D. specific invoice.
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Updated 4/30/2015 11:49:44 PM
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Which inventory method produces the lowest income tax during a period of inflation? A. LIFO B. FIFO C. Weighted-average D. All of the above would have the same tax effect.
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Updated 3/27/2016 1:27:00 AM
1 Answer/Comment
LIFO produces the lowest income tax during a period of inflation.
Added 3/27/2016 1:27:00 AM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [3/27/2016 2:40:44 AM]
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