B1. If an item is capable of being moved, it is most likely classified as per¬sonal property.

ANSWER:    T         PAGE:                    960           TYPE:                     N

                        NAT: AACSB Analytic                     AICPA Legal

A1. Tangible personal property has physical substance.

ANSWER:    T                              PAGE:     960                          TYPE:      =

                        NAT: AACSB Reflective                   AICPA Critical Thinking