Regarding Bailments,which of the Following Is TRUE

question 12

Multiple Choice

Regarding bailments,which of the following is TRUE?

• A)Articles held under bailment form assets available to creditors in bankruptcy.
• B)Bailments are not confined to personal property.
• C)Trusts are bailments because there is a transfer of property.
• D)Chequing accounts at the bank are a form of bailment.
• E)Contents in a safety deposit box are a form of bailment.

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Definitions:

Revenue

The total income generated by a company from its business activities, such as sales of goods or services, before any expenses are deducted.

Income

The financial gain earned by an individual or a company, usually measured over a specific time period and derived from various sources like sales or investments.

Construction Expense

Costs directly related to the construction of a building or infrastructure, including materials, labor, and other expenses incurred during the process of building.

Percentage-Of-Completion Method

An accounting technique used to recognize revenue and expenses of long-term contracts as a percentage of work completed during the period.