Which One of the Following Is Not True of Itemized

question 27

Multiple Choice

Which one of the following is not true of itemized deductions of an individual taxpayer?

• A)Any deductions other than personal and dependency exemptions and those for adjusted gross income are itemized deductions.
• B)Itemized deductions are deductible only if they exceed a taxpayer's standard deduction.
• C)Residential interest is a common example of an itemized deduction.
• D)All employee trade or business expenses are itemized deductions.

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Definitions:

Eliminate

To completely remove or get rid of something.

Activity-Based Costing

A costing method that identifies activities in an organization and assigns the cost of each activity to all products and services according to the actual consumption by each, to more accurately measure the cost and profitability of products/services.

Relevant Cost

A cost that should be considered when making decisions.

Decision

The act or process of making choices or selecting options based on available information and analysis.