Refer to Fact Pattern 18-1

question 68

Multiple Choice

Refer to Fact Pattern 18-1.Ira,a police officer,buys an Excel from Fine to drive in his off-duty hours.Ira's Excel is

• A)a consumer good.
• B)an accession.
• C)equipment.
• D)inventory.

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Definitions:

Factory

A building or complex where goods are manufactured or assembled primarily by machines and workers.

Land

An asset representing real estate property, excluding buildings or structures, used in accounting as a long-term asset.

Brokerage Commission

The fee charged by a broker for executing transactions or providing specialized services.

Outdoor Parking

An area designated for the parking of vehicles that is not covered or enclosed, typically found outside of buildings or in open spaces.