Partial-year depreciation may be rounded to the nearest whole month or the half-year convention may be used.

Name: Partial-year depreciation may be rounded to the nearest whole month or the half-year convention may be used.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

This statement is true. When calculating partial-year depreciation, it is common to round to the nearest whole month or use the half-year convention, which assumes that the asset was placed in service in the middle of the year.

Partial-Year Depreciation May Be Rounded to the Nearest Whole Month