John Supports Kevin,his Cousin,who Lived with Him Throughout 2017

question 114

Multiple Choice

John supports Kevin,his cousin,who lived with him throughout 2017.John also supports three other individuals who do not live with him: Donna,who is John's mother
Melissa,who John's stepsister
Morris,who is Kevin's brother
Assume that Donna,Melissa,Morris and Kevin each earn less than $4,050.How many personal and dependency exemptions may John claim?

• A)2
• B)3
• C)4
• D)5

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Definitions:

Job Cost Sheet

An account in the work in process subsidiary ledger in which the costs charged to a particular job order are recorded.

Direct Labor

The wages or costs directly associated with the production of goods or the provision of services, involving labor directly involved in manufacture or service delivery.

Perpetual Inventory

An immediate inventory transaction recording method, utilizing computerized point-of-sale systems and enterprise asset management software for accounting purposes.

Subsidiary Ledgers

Detailed financial books that complement the general ledger by tracking individual accounts or categories, such as accounts payable or receivable.