For the Qualifying Relative Category (For Dependency Exemption Purposes)

question 14

Multiple Choice

For the qualifying relative category (for dependency exemption purposes) :

• A)The dependent must be under age 19 or a full-time student under age 24.
• B)The dependent need not reside with the taxpayer claiming the exemption.
• C)The dependent must be related to the taxpayer claiming the exemption.
• D)The dependent must be a citizen or resident of the U.S.
• E)None of the above.

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Definitions:

Fees Earned

Income generated from services provided, recognized in the period in which the services are rendered.

Billed

Issuing an invoice to customers for goods sold or services provided, indicating the amount they owe the business.

Unearned Subscription Revenue

Income received for subscriptions that have yet to be fulfilled or delivered to the customer, considered a liability until earned.

Subscription Revenue

Income earned by a company through the sale of subscriptions for services or products, often recognized over the subscription period.