Match the Statements That Relate to Each Other

question 97

Multiple Choice

Match the statements that relate to each other.Note: Some choices may be used more than once.
-Multiple support agreement

• A)Not available to 65-year old taxpayer who itemizes.
• B)Exception for U.S.citizenship or residency test (for dependency exemption purposes).
• C)Largest basic standard deduction available to a dependent who has no earned income in 2019.
• D)Considered for dependency purposes.
• E)Qualifies for head of household filing status.
• F)A child (age 15) who is a dependent and has only earned income.
• G)Considered in applying gross income test (for dependency exemption purposes).
• H)Not considered in applying the gross income test (for dependency exemption purposes).
• I)Unmarried taxpayer who can use the same tax rates as married persons filing jointly.
• J)Exception to the support test (for dependency exemption purposes).
• K)A child (age 16) who is a dependent and has only unearned income of $4,500.
• L)No correct match provided.

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Definitions:

Financial Accounting Standards Board

An independent organization that establishes financial accounting and reporting standards in the United States.

U.S. Accounting Standards

The accounting principles, standards, and procedures established by the U.S. Financial Accounting Standards Board (FASB) for domestic companies.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

IFRS

A collection of accounting standards crafted by the International Accounting Standards Board to be utilized worldwide, known as International Financial Reporting Standards.