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If Personal Property Is Mislaid in a Business Establishment and Found

question 39

Multiple Choice

If personal property is mislaid in a business establishment and found by an employee,who among the following has superior rights to that property?


Definitions:

Withdrawals

Amounts taken out from a business by its owner(s) for personal use, reducing the owner's capital account.

Net Income

The company's overall earnings following the deduction of all expenses and taxes from its total revenue.

Statement Of Owner's Equity

A report that summarizes the fluctuation in the equity of a business due to profits earned, dividends paid, and capital invested during a specific period.

Income Statement

A financial statement that shows the company's revenues and expenses over a specific period, culminating in the net income or loss for that period.

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