A Driver Started a Business on 1st of January 2018

question 43

Multiple Choice

A driver started a business on 1st of January 2018, hiring out his limousine for special occasions. Current regulations require the business to purchase a license that will expire after two years. The cost of the license is $16,000. Calculate the amount of license expense to be included in the income statement for the 6 months ended 30 June 2018.

• A)$6,000.
• B)$4,000.
• C)$3,000.
• D)$12,000.

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Definitions:

Individuation

The developmental process of a person becoming a distinct individual with their own personality, desires, and values, often discussed in the context of psychological development.

Assimilation

The process by which individuals or groups adopt the culture, customs, and attitudes of another group, often the dominant culture, losing their original identity.

Arab Ethnic Groups

Ethnic groups originating from the Arab world, characterized by shared linguistic, cultural, and historical traits.

Christian Arabs

Arabs who identify with or practice Christianity, representing a religious minority in the Arab world with a diverse cultural heritage.