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 ignore the estimated salvage value.
_____ 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 one depreciation method for financial reporting and another method for tax reporting.