A Company's Computer Is Classified as What Account Type

question 19

Multiple Choice

A company's computer is classified as what account type?

• A)Expense
• B)Owner's Equity
• C)Fixed Asset
• D)Retained Earnings

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Definitions:

Dependent

An individual, such as a child or relative, whose support and financial care are provided by the taxpayer, and is eligible for certain tax benefits.

Lifetime Learning Credits

A tax credit available in the United States to offset higher education expenses, applicable to an unlimited number of tax years.

American Opportunity Tax

A credit offered to first four years of higher education expenses, providing a tax break to defray the costs of tuition and related expenses.

Education Expenses

Costs associated with education, such as tuition fees, textbooks, and other school-related expenses, which may be eligible for tax deductions or credits.