The modified accelerated cost recovery system (MACRS): A) Is not acceptable for financial reporting. B) Is an outdated system that is no longer used by companies. C) Is required for financial reporting. D) Is identical to units of production depreciation. E) Does not allow partial year depreciation. A total asset turnover ratio of 3.6 indicates that: A) For every $1 in net sales, the firm acquired $3.6 in assets during the period. B) For every $1 in assets, the firm produced $3.6 in net sales during the period. C) For every $1 in assets, the firm earned gross profit of $3.6 during the period. D) For every $1 in assets, the firm earned $3.6 in net income. E) For every $1 in assets, the firm paid $3.6 in expenses during the period. Which of the following is not classified as a plant asset? A) Land. B) Land improvements. C) Buildings. D) Machinery and equipment. E) Patent.