In Some Parts of Canada,using Another Person's Land May Give

question 16

Multiple Choice

In some parts of Canada,using another person's land may give an adjoining landowner an easement over her or his neighbour's land.An easement by prescription will not be created if

• A)there is a continuous exercise of the right for a period of at least 20 years.
• B)the exercise of the right is conducted openly.
• C)the exercise of the right is without fraud or deceit.
• D)the owner is aware of the use and does not object.
• E)the exercise of the right is without force or threats against the owner.

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Definitions:

Expense Recognition Principle

An accounting principle that dictates that expenses should be recognized in the period in which they are incurred to generate revenues, matching expenses against revenues in the period in which the revenue was earned.

Specific Identification

A method of inventory valuation that identifies and assigns cost to individual inventory items, suitable for unique or expensive products.

Lowest Cost of Goods Sold

The minimum expenses incurred in the direct creation of goods available for sale, often achieved through efficient production techniques or cost-cutting measures.

Current Cost

The cost that would be incurred to replace an asset or to purchase a service at the present time, as opposed to its historical cost.