AC371 Spring 2018 Final Exam Study Guide.docx

AC371 Spring 2018 Final Exam Study Guide.docx - AC371...

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AC371 Spring 2018 Final Exam Study Guide Chapter 10 Many questions will involve depreciation computations and concepts. You will be given the tables so you can compute depreciation. Concept of cost recovery and different terms on pages 2-5. Basis for cost recovery: Example 10-1 Overview of MACRS system, including recovery methods, recovery periods, and conventions. **Be able to compute MACRS depreciation expense when given tables at end of chapter.** You will be given the type of property, the acquisition date, the cost basis, and the disposal date. Half-year and mid-quarter conventions: Example 10-3, 10-5, 10-6, 10-7, 10-8, 10-10 Real property depreciation: Example 10-11, 10-12. Section 179 expense: basic rules of eligibility and limitations. *Note that the limits and thresholds have changed. See PowerPoint slides for 2018 rules.* Bonus depreciation: basic rules. *Note that the limits and thresholds have changed. See PowerPoint slides for 2018 rules.* In brief (get concepts only): listed property, luxury auto limitations. Example 10-19. Don’t have to memorize auto limitations.
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