Which of the Following Is an Advantage of Renting

question 80

Multiple Choice

Which of the following is an advantage of renting?

• A) Noise from parties may be monitored closely.
• B) Renters have fewer responsibilities for maintenance than home owners.
• C) Tenants cannot take tax deductions for mortgage interest and property taxes.
• D) Tenants may be subject to restrictions regarding remodeling .
• E) Tenants may have restrictions regarding pets.

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Definitions:

Expense

An outflow of cash or other valuable assets that a business incurs as a result of its operations intended to generate revenue.

Liability

Financial obligations or debts that a company owes, which are settled over time through the transfer of economic benefits including money, goods, or services.

Trial Balance

A report that lists all the balances of the general ledger accounts to check the correctness of bookkeeping entries.

Entry Posted

The action of recording an accounting entry in the ledger, which finalizes the transaction and makes it part of the financial records.