The Elements of Adverse Possession Include

question 16

Multiple Choice

The elements of adverse possession include:

• A) open,constructive,and with permission of the true owner.
• B) open,visible,under color of title,and with permission of the true owner.
• C) secretive,invisible,hostile,and under claim of right.
• D) continuous for the statutory period,open,actual,and adverse.

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Definitions:

Voucher System

A control mechanism in accounting where vouchers are used to authorize the disbursement of cash and record financial transactions.

Net Method

A method of recording purchases or invoices at their net price after deducting any purchase discounts.

Invoice Paid

A document or notation indicating that payment has been made for a particular invoice, clearing the amount owed.

Periodic Inventory Method

A method of inventory valuation where the cost of goods sold is determined at the end of an accounting period based on a physical count.