Nancy Wong Has Decided to Move from Her Apartment into a House

question 142

Multiple Choice

Nancy Wong has decided to move from her apartment into a house she is purchasing.She wants to enjoy the advantages of home ownership,such as

• A)a chance to build equity and wealth.
• B)greater control over decorations and home improvement.
• C)mortgage interest will probably be a tax deduction.
• D)over time being able to take out a home equity loan to enjoy a tax deduction.
• E)all of the above.

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Definitions:

Owner's Capital Account

An equity account that represents the amount of money that the owner has invested in the business plus any profits or minus any losses.