Mortgage Interest Is an Example of an Itemized Deduction

question 118

True/False

Mortgage interest is an example of an itemized deduction.

---

Definitions:

Working Capital

The excess of the current assets of a business over its current liabilities.

Solvency

The ability of a firm to pay its debts as they come due.

Current Ratio

A financial ratio that is computed by dividing current assets by current liabilities.

Fiscal Year

A 12-month period used for accounting purposes and preparing financial statements, which may not align with the calendar year.