The Two Forms of Future Interests in Rights of Possession

question 68

Short Answer

The two forms of future interests in rights of possession are reversion and ________.

---

Definitions:

Mixing Department

A section in a production facility where ingredients or components are combined to produce a final product or a mixture.

Equivalent Units

A concept used in cost accounting to standardize the quantity of production output, facilitating the calculation of costs per unit in processes with partial completion.

Process Costing

A cost accounting system used where production occurs through continuous processes or batches, aggregating costs over a specific period to calculate per-unit costs.

Weighted-Average Method

A method of valuing inventory and determining cost of goods sold that uses the average cost of all units available for sale during the period.