Alice Is a Single Taxpayer with No Dependents That Has

question 24

True/False

Alice is a single taxpayer with no dependents that has AGI of $9,000 in 2017.Alice is required to carry minimum essential coverage in 2017.

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Definitions:

Period's Expenses

Costs incurred by a business during a specific period of time, such as a month or year, in the course of its operations.

Period End Liabilities

Period end liabilities are the obligations a company must pay at the end of an accounting period.

Period's Assets

Assets that are expected to be utilized or converted into cash within the timeframe of a single fiscal period.

Depreciation Expense

An accounting method of allocating the cost of a tangible asset over its useful life to account for its decrease in value over time.