Best Practices Suggest That Unclaimed Personal Property Found by a Hotel

question 11

Multiple Choice

Best practices suggest that unclaimed personal property found by a hotel employee

• A) be given to the employee who found the property if the owner doesn't claim it within 60-days
• B) should be sold and a party thrown for all employees
• C) should be kept in the hotel safe for 5 years
• D) must be given by the hotel operator to the hotel owner or lender for safe keeping.

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Definitions:

Joint Costs

Costs incurred during the production of multiple products up until the point where these products become separately identifiable, making allocation necessary for cost accounting purposes.

Market Value

The current price at which an asset or service can be bought or sold in a marketplace.

Preon

Fundamental particles proposed as building blocks of quarks and leptons, not yet observed experimentally.

Value Basis

The underlying method used to determine the value of assets or liabilities, such as historical cost or market value.