If a Student Leaves a Book Bag in Class by Accident

question 169

True/False

If a student leaves a book bag in class by accident and the professor takes possession to safeguard the bag,an implied bailment has been formed.

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Definitions:

Financial Asset

An intangible asset that derives value from a contractual right or ownership claim, such as stocks, bonds, or bank deposits.

Company's Profits

The financial gain realized when the revenues generated from business activities exceed the expenses, costs, and taxes needed to sustain the activities.

Interest

The cost of borrowing money or the return earned on an investment, typically expressed as a percentage.

Accounting Period

A specific time period at the end of which an organization prepares financial statements.