Is applied to land
Question 20. Question :
Plant assets are:
Tangible assets used in the operation
of a business that have a useful life of more than one
accounting period
Current assets
Held for sale
Intangible assets used in the operations
of a business that have a useful life of more than one
accounting period
Tangible assets used in the operation
of business that have a useful life of less than one accounting
period
Question 21. Question :
Many companies use
accelerated depreciation in computing taxable income
because:
It is required by the tax rules
It is required by financial reporting
rules
It postpones tax payments until later
years and the company can use the resources now to earn
additional income before payment is due