The Common Characteristic of Both Assets and Liabilities Is That

question 11

Multiple Choice

The common characteristic of both assets and liabilities is that they both

• A)provide an economic benefit.
• B)result from a past transaction or event.
• C)represent a present responsibility.
• D)represent contractual or other rights.

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Definitions:

Monthly Rental

is a periodic payment made by a lessee to a lessor for the use of property, land, or equipment, typically paid once a month.

Deprive Possession

The act of taking away or denying someone's access or ownership of property or an object.

Eviction

Depriving the tenant of the possession of leased premises.

Leased Premises

Property that is rented under the terms of a lease agreement, where the lessee has the right to use and occupy the property in exchange for rent payments.