Allen Owns Buffalo Ranch

question 51

Multiple Choice

Allen owns Buffalo Ranch. Allen's ownership rights include the right to sell or give away the property without restriction, and the right to use the property for whatever purpose he sees fit. Allen's ownership interest is

• A) a fee simple absolute.
• B) a license.
• C) a life estate.
• D) a profit.

---

Definitions:

Supply Of Services

The action of providing services to consumers or businesses, which can involve physical labor or intellectual tasks.

Profit Recognition

The accounting process of recording revenue when it is earned and realizable, in accordance with the principle of revenue recognition.

Joint Operation

A business activity shared between two or more entities where they work together on a project but do not form a new entity.

Service Revenue

Income earned from rendering services as opposed to income from selling goods.