Tuesday, January 26, 2021
MACRS stands for Modified Accelerated Cost Recovery System. MACRS determines the useful life of assets.
When asked to find the useful life an asset, refer to the MACRS table or section within your business/accounting reference.
Refer to the Declining-Balance Depreciation Method and Straight-Line Depreciation Method sections to learn more about how to use the useful life of an asset within depreciation questions.
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