Prior Appropriation Allocates Water Rights Based On

question 55

Multiple Choice

Prior appropriation allocates water rights based on:

• A)who owns the most land.
• B)who is the first born child.
• C)who started using the water first.
• D)who owns the most livestock.

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Definitions:

Accrued Revenue

Income earned but not yet received, typically recorded with an adjusting journal entry in the accounting records.

Recorded

The act of documenting financial transactions in accounting records or journals.

Accrued Expenses

Expenses that have been incurred but not yet paid for or recorded through the issuance of cash or other payments.

Incurred

Refers to costs or expenses that have been consumed or experienced in the process of generating revenues.