Lucien Corporation uses straight-line depreciation for financial reporting purposes but CCA (the single diminishing-balance method) for income

Question:

Lucien Corporation uses straight-line depreciation for financial reporting purposes but CCA (the single diminishing-balance method) for income tax purposes.

(a) What is the major difference between CCA and other forms of depreciation?

(b) Is it acceptable to use different methods for financial reporting and income tax purposes? Why is Lucien likely doing this?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...