1. The system of depreciation prescribed by U.S. tax law is best described as the:
a- straight-line depreciation.
b- sum-of-the-years-digits method.
c- modified accelerated cost recovery system (MACRS).
d- declining balance method.
2. U.S. Treasury bonds, which are backed by the full faith and credit of the U.S. government, are best described as:
a- revenue bonds.
b- equity securities.
c- general obligation bonds.
d- assessment bonds.