An Individual May Not Qualify for the Dependency Exemption as a Qualifying

question 29

True/False

An individual may not qualify for the dependency exemption as a qualifying child but may still qualify as a dependent.

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Definitions:

Net Income

The total profit of a company after all expenses and taxes have been subtracted from total revenue.

Cost of Merchandise Sold

An expense account that reflects the direct costs associated with the goods sold by a company during an accounting period.

Equation

A mathematical statement that asserts the equality of two expressions, represented by the symbol "=".

Gross Profit

Sales minus the cost of merchandise sold.