acc2 - 11. Taxpayers can use a depreciation method that...

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11. Taxpayers can use a depreciation method that conforms to generally accepted accounting principles but is based on a declining-balance method. What is the name of this accelerated depreciation method? A. Asset Cost Recognition System B. Accelerated Cost Recovery System C. Asset Cost Recovery Statement D. Modified Accelerated Cost Recovery System 12. The bookkeeper recorded a payment by check for store supplies as $1,340.56. The bank recorded the check at its correct amount of $3,140.56. If no adjusting entries are made and the error is not detected through the bank reconciliation, which of the following will occur? A. Accounts payable will be understated B. The checking account might become overdrawn C. The checkbook Cash account will be understated D. The trial balance will not balance. 13. On November 1, a building with an estimated life of 15 years and no estimated salvage value was purchased for $180,000. The adjusting entry on November 30 will include A. a debit to Depreciation Expense for $1,000 B. a credit to Depreciation Expense for $1,000.
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acc2 - 11. Taxpayers can use a depreciation method that...

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