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

question 22

Multiple Choice

Determine the proper classification(s) of the asset discussed in the following scenario: Victoria purchased a new show case saw for her antique business.
I. Personal use property. $\quad$$\quad$$\quad$ IV. Intangible property.
II. Business use property. $\quad$$\quad$$\quad$ V. Real estate.
III. Tangible property. $\quad$$\quad$$\quad$$\quad$ VI. Personal property.

• A)Statements I, III and VI are correct.
• B)Statements II and III are correct.
• C)Only statement VI is correct.
• D)Statements II, III, and VI are correct.
• E)Statements II, IV and VI are correct.

---

Definitions:

Major Business Function

Core activities essential for the operation and success of a business, such as marketing, production, and sales.

Outsourcing

The practice of hiring third parties to perform services, handle operations or provide goods that are either difficult to manage or are outside of a business's core competencies.

Benefits Administration

The process and system by which employee benefit programs are designed, implemented, and managed by an organization.

Information Technology Management

Refers to the process of overseeing all matters related to information technology operations and resources within an organization.