Which of the Following Is NOT One of the Main

question 1

Multiple Choice

Which of the following is NOT one of the main functions of an accounting system?

• A)Safeguard the accounting data
• B)Store data
• C)Analyze and use data
• D)Provide financial information to stakeholders

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Definitions:

American Opportunity Tax Credit

An allowance for authorized costs of education paid on behalf of a qualifying individual in the first four years of college or university.

Credit Phase-Out

A gradual reduction in the amount of a tax credit as a taxpayer's income surpasses certain threshold levels, until the credit is reduced to zero.

AGI

Adjusted Gross Income (AGI) is an individual's total gross income minus specific deductions, used in calculating taxable income.

Adoption Credit

A tax credit that offsets qualified adoption expenses, making adoption financially more accessible for families.