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Whether a company uses GAAP rules or tax rules to compute depreciation recorded in the financial statements dependson upon how the company uses its financial statements. True or false and why? True. If a company does not need its financial statements reviews or audited by a CPA, it can use the tax depreciation amount on its financial statements.
If a company's year-end financial statements are to be reviewed by a CPA, the depreciation amount for the statements is generally computed under GAAP rules. True or false and why? True. If the financial statements are to be reviewed by a CPA, either depreciation must be computed under GAAP rules or the tax depreciation amount cannot differ materially from the GAAP depreciation amount.
Even if a company's tax and GAAP depreciation expense are not materially different, a CPA conducting an audit will require the company to use the amount computer under GAAP. True or false and why? False. If the difference between GAAP and tax depreciation is not material, the tax amount can be used for book purposes (this is, for the financial statements).
The adjusting entry to record $5,000 of depreciation expense in the general ledger is. Depreciation Expense $5,000 --- Accumulated Depreciation $5,000
Created by: djarcadian