Which of the Following Is Not a §1245 Asset If

question 52

Multiple Choice

Which of the following is not a §1245 asset if held for more than one year?

• A) Business cell phone.
• B) Machinery.
• C) Land.
• D) Automobile.
• E) None of the choices are correct.

Gain knowledge of the use of worksheets in the accounting process for preparing financial statements and adjusting entries.

Understand how to calculate and interpret the effects of accounting adjustments on the adjusted trial balance and financial statements.

Understand the types of funds used in governmental accounting and their purposes.

Identify and differentiate between the basis of accounting (modified accrual vs. accrual) used in various governmental funds.

---

Definitions:

Labor

The collective term for workers or the workforce, especially considered as an economic group contributing to the production process.

Foreign Countries

Nations or sovereign states other than one's own, especially when considered in terms of international relationships or business.

Outsourcing

The business strategy of hiring external firms or individuals to perform tasks, handle operations, or provide services that are traditionally done by internal staff.

HRM Function

Stands for Human Resource Management Function, encompassing a range of practices like recruiting, training, employee relations, and performance management to effectively manage an organization's workforce.