Straight-line,declining-balance,and activity-based depreciation all are acceptable depreciation methods for both financial reporting and tax reporting.
These are acceptable methods for financial reporting,not tax reporting.Most companies use MACRS for income tax depreciation.

Question

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Straight-line, declining-balance, and activity-based depreciation are methods that can be used for financial reporting, but for tax reporting, most companies use the Modified Accelerated Cost Recovery System (MACRS), which is a different set of depreciation rules established by the IRS.

Straight-Line,declining-Balance,and Activity-Based Depreciation All Are Acceptable Depreciation Methods for Both