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.

Question

Quizplus · Accepted Answer

The asset in question is a tangible property (III) that is being used for business purposes (II), therefore D is the correct answer. It is not personal use property or intangible property (I and IV). Real estate is not mentioned, so it is not a correct classification (V). It is also not personal property as it is being used for business purposes (VI).

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

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