A Relatively Short-Term Grant of Permission to Be on the Land

question 133

Multiple Choice

A relatively short-term grant of permission to be on the land of another that can be revoked freely at any time is a(n) :

• A) easement.
• B) defeasance.
• C) license.
• D) abstract.
• E) profit.

---

Definitions:

Adjusted Trial Balance

A list of all the accounts and their balances after adjusting entries are made, used to prepare financial statements.

Adjustment Columns

Columns in financial statements or ledgers used to make necessary adjustments for accrual accounting, such as for accrued expenses or revenues.

Trial Balance Columns

These are the two columns in a trial balance where all the debit balances are listed on one side and all the credit balances on the other, helping to ensure that total debits equal total credits.

Formal Financial Statements

Structured reports prepared by a company, usually annually or quarterly, that present its financial performance and position.