Student Loan Interest Is Deductible Only by the Person Who

question 85

True/False

Student loan interest is deductible only by the person who actually attended the educational institution.

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Definitions:

Journal Entries

Records of the financial transactions of a business that are entered into its accounting system.

Posting

The process of recording financial transactions in the ledger of a business.

Chart of Accounts

A structured list of all the financial accounts in the general ledger of a company, used for organizing transactions and reporting financial data.

Ledger Accounts

These are individual financial accounts within the accounting system of an organization that record specific transactions related to assets, liabilities, equity, revenue, and expenses.