ACC 307 WK 5 Midterm Exam Chapter 8

May 8th, 2015
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ACC 307 WK 5 Midterm Exam Chapter 8

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CHAPTER 8 Student: ___________________________________________________________________________1.The concept of depreciation assumes that the asset has a determinable useful life.TrueFalse2.The basis of cost recovery property must be reduced by the cost recovery allowed.TrueFalse3.Antiques may be eligible for cost recovery if they are used in a trade or business.TrueFalse4.The key date for calculating cost recovery is the date the asset is placed in service.TrueFalse5.Land improvements are generally not eligible for cost recovery.TrueFalse6.The cost recovery basis for property converted from personal use to business use may be the fair market value of the property at the time of the conversion.TrueFalse7.The maximum cost recovery method for all personal property under MACRS is 150% declining balance.TrueFalse8.If 150% declining-balance is used, there is no straight-line switchover.TrueFalse9.All personal property placed in service in 2012 and used in a trade or business qualifies for additional first-year depreciation.TrueFalse10.If more than 40% of the value of property, other than real property, is placed in service during the last quarter, all of the property will be allowed 1.5 months of cost recovery.TrueFalse11.Under MACRS, if the mid-quarter convention is applicable, all property sold is treated

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