Which depreciation convention is the general rule for tangible personal property?
A) Full-month
B) Half-year
C) Mid-month
D)Mid-quarter
E)None of these

Question

Quizplus · Accepted Answer

The general rule for tangible personal property is to use the half-year convention, which assumes that property is placed in service in the middle of the year. This convention allows for a more straightforward calculation and better matches the timing of the depreciation expense with the actual use of the asset throughout the year.

Which Depreciation Convention Is the General Rule for Tangible Personal