Which of the Following Terms Is Used to Refer to Balance

question 90

Multiple Choice

Which of the following terms is used to refer to balance sheet accounts?

• A)Permanent accounts
• B)Temporary accounts
• C)Contra accounts
• D)Tangible accounts

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Definitions:

Total Income

The sum of all wages, salaries, profits, interest payments, rents, and other forms of earnings, before any deductions or taxes.

Adoption Credit

A tax credit offered to offset the expenses incurred in the process of legally adopting a child.

Modified AGI

Adjusted Gross Income as further modified by specific deductions and exclusions for certain tax calculations.

Qualified Adoption Expenses

Expenses related to the legal adoption of a child that are eligible for tax credits or deductions.