Acc 101

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1.

The hybrid method of accounting involves the use of both the accrual and cash methods of accounting.

A) True

B) False

2.

In general, accrual basis taxpayers recognize income when it is earned, regardless of when it is received.

A) True

B) False

3.

Under MACRS the same method of depreciation (accelerated or straight-line) must be used for all property in a given class placed in service during that year.

A) True

B) False

4.

Under the cash basis of accounting, expenses are generally deducted in the year they are paid.

A) True

B) False

5.

Depreciation is the process of allocating the cost of assets to expense over a period of...