Determine the Proper Classification(s) of the Asset Discussed in the Following

question 55

Multiple Choice

Determine the proper classification(s) of the asset discussed in the following scenario: Judge Ruiz purchased a new brass-trimmed gavel to use in her courtroom.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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• A)Statements I and III are correct.
• B)Only statement VI is correct.
• C)Statements II and III are correct.
• D)Statements II, III, and VI are correct.
• E)Statements II and VI are correct.

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Definitions:

Relied Upon

A term used to describe something that is trusted or depended on for support, help, or decision-making.

Cross-functional Teams

Groups composed of members from different departments or areas of expertise working together toward a common goal.

Marketing Department

A division within a business responsible for promoting products or services, building brand awareness, and engaging customers.

Financial Resources

Assets in the form of cash or other securities available to an individual or organization for spending, investing, or other uses.