Property That an Owner Has Discarded with the Intent to Relinquish

question 46

Multiple Choice

Property that an owner has discarded with the intent to relinquish his or her rights in it is known as ________ property.

• A) real
• B) lost
• C) mislaid
• D) abandoned

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Definitions:

Cash Account Balance

The amount of money available in a company’s or individual's cash account at a given time.

Cash Receipts

Money received by a business during a given period, including cash sales, received payments on accounts receivable, and other cash inflows.

Cash Payments

Payments made in the form of currency or check to settle a transaction or account.

Ledger

A comprehensive collection of a company's financial accounts where journal entries are summarized and recorded.