Which of the Following Is Not an Economic Benefit of Home

question 22

Multiple Choice

Which of the following is not an economic benefit of home ownership?​

• A)buildup of ownership equity
• B)appreciation in value
• C)deduction of property taxes on income-tax returns
• D)tax deduction of principal on income-tax returns

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Definitions:

Periodic System

A method in accounting where inventory levels are updated in the financial records periodically at the end of a reporting period.

Cost of Goods Sold

The expenses incurred directly from the production of a company's sold products, comprising materials and labor.

Net Income

The income left over after deducting all costs, taxes, and expenses from the total revenue.

Balance Sheet

A financial summary indicating a company's assets, outstanding liabilities, and the total equity of its shareholders at a determined point in time.