Which of the Following Statements Regarding Personal and Dependency Exemptions

question 39

Multiple Choice

Which of the following statements regarding personal and dependency exemptions is false?

• A) A married couple filing jointly may claim two personal exemptions.
• B) To qualify as a dependent of another, an individual must be a resident of the United States.
• C) An individual who qualifies as a dependent of another taxpayer may not claim a personal exemption.
• D) An individual cannot qualify as a dependent of another as a qualifying relative taxpayer if the individual's gross income exceeds the exemption amount.

---

Definitions:

Mandatory Disclosure

The requirement for organizations to publicly reveal certain information, governed by regulatory bodies to ensure transparency and accountability in operations.

Accounting Standard

Official guidelines for financial reporting and accounting practices that companies must follow.

Segment Reporting

The practice of disclosing financial information from different areas or segments of a business, often required for public companies to provide transparency to investors.

AASB 8

An accounting standard that requires entities to report financial information by operating segments, enhancing the ability of users of financial statements to evaluate the performance of the segment and make decisions.