Indicate Whether Each of the Following Statements Is True or False

Short Answer

Indicate whether each of the following statements is true or false.
_____ a)MACRS is an accelerated depreciation method commonly used for tax purposes.
_____ b)The half-year convention is a semi-annual meeting of accountants and educators.
_____ c)MACRS requires that the taxpayer estimate the salvage value of assets.
_____ d)The use of MACRS provides tax benefits in the early years of an asset's life,compared to use of the straight-line method.
_____ e)Most companies use the same depreciation method for both financial reporting and tax reporting.