In an Organization, Who Has the Strongest Property Rights

question 1

Multiple Choice

In an organization, who has the strongest property rights?

• A) shareholders
• B) top managers
• C) employees
• D) customers

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Definitions:

Financial Statements

Documents that present an organization's financial activity and current financial condition, including the balance sheet, income statement, and cash flow statement.

Nominal Accounts

Accounts that are closed at the end of each accounting period, including revenue, expense, and withdrawal accounts.

Account Groups

Classifications of accounts that share common characteristics, used to organize and summarize financial information in the general ledger.

Cash

Money in the form of bills or coins; an asset that is readily available for transactions.