DrOlson Is a Board-Certified Ophthalmologist Who Constructs Some Specially Designed

question 50

Multiple Choice

Dr.Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes.The tables are firmly attached to the floor of the space he rents for his office.If Dr.Olson decides to move his office, which of the following is correct?

• A)The tables are fixtures that cannot be removed.
• B)The tables are not fixtures because Dr.Olson installed them.
• C)Dr.Olson may remove the tables if they can be removed without materially damaging the realty.
• D)All of these.

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Definitions:

Journal Entry

The record of a financial transaction in an accounting system whereby debits and credits are made to various accounts to maintain balance.

Petty Cash

A small amount of cash kept on hand for making immediate payments for small expenses.

Cash Over and Short

An account that records discrepancies between physical cash and recorded amounts due to errors or theft.

Journal Entry

A record of a financial transaction that includes the date of the transaction, the affected accounts, the amounts, and a brief description.