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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define depreciation in the context of income tax.
💡 Hint: Think about how depreciation affects profits.
Question 2
Easy
What is a tax deductible expense?
💡 Hint: Consider how businesses manage their expenses.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
True or False: Depreciation is not considered a tax-deductible expense.
- True
- False
💡 Hint: Think about its purpose in financial reporting.
Question 2
What is the method called that allows grouping similar assets for depreciation?
- Unit of Production
- Block of Assets
- Straight Line
💡 Hint: Consider how assets are categorized in tax accounting.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has just bought machinery worth $100,000 with a salvage value of $10,000. If it applies the Block of Assets method and has a depreciation rate of 20%, what is the depreciation expense for the first year?
💡 Hint: Consider the useful life assumption in your calculations.
Question 2
Evaluate the consequences for a company that chooses to switch its depreciation method during a fiscal year. What financial impacts could this have?
💡 Hint: Reflect on how changes in accounting policies impact stakeholders.
Challenge and get performance evaluation