Which of the Following Statements Is TRUE

Multiple Choice

Which of the following statements is TRUE?

A) The depreciation expense reported on external financial statements prepared for shareholders is guided by generally accepted accounting principles.
B) The depreciation expense reported on a federal income tax return is guided by generally accepted accounting principles.
C) The depreciation expense reported on the income statement must match (the matching principle) the depreciation expense reported on a Federal income tax return.
D) MACRS is an accelerated depreciation method that can be used for financial reporting.