A Transfer by a Landlord/lessor of Real or Personal Property

question 38

Multiple Choice

A transfer by a landlord/lessor of real or personal property to a tenant/lessee for a period of time for consideration is called a(n)

• A) mortgage.
• B) estate.
• C) transfer of property.
• D) lease.

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Definitions:

Profitable

Refers to a financial state where income exceeds expenses, resulting in a positive gain.

Accounting Equation

The foundation of double-entry bookkeeping, which asserts that assets equal the sum of liabilities and shareholders' equity.

Owner's Equity

The residual interest in the assets of an entity after deducting liabilities; it represents the ownership interest of the shareholders or owner in the company.

Assets

Resources owned by a company from which future economic benefits are expected to flow to the entity.