Question

The truck was the only asset purchased during the year. Which of the following statements is correct regarding the depreciation that can be taken on the truck?

Answer 1

The following statements is correct regarding the depreciation that can be taken on the truck is the business will deduct one-half of a full year's depreciation on the truck in the current year.

Depreciation is the system of deducting the fee of a enterprise asset over a protracted length of time, in place of over the direction of 1 year. There are 4 principal techniques of depreciation: immediately line, double declining, sum of the years' digits and gadgets of production.

An enterprise is described as an enterprise or enterprising entity engaged in commercial, industrial, or expert activities. Businesses may be for-earnings entities or non-earnings organizations. Business sorts variety from restrained legal responsibility groups to sole proprietorships, corporations, and partnerships.

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