Choose the One Most Appropriate Answer for Each

question 39

Multiple Choice

Choose the one most appropriate answer for each.
-the largest, most complete bundle of rights one can hold in land, land ownership

• A)allodial system
• B)chattel
• C)common law
• D)community property
• E)consequential damages
• F)deed restrictions
• G)easement
• H)eminent domain
• I)encroachment
• J)encumbrance
• K)fee simple
• L)feudal system
• M)freehold estate
• N)homestead protection
• O)lessor
• P)life estate
• Q)periodic tenancy
• R)police power
• S)property taxes
• T)severance damages

---

Definitions:

Permanent/Temporary

Classification of accounts where permanent accounts refer to items on the balance sheet and temporary accounts to items that pertain to the income statement.

Normal Balance

The side (debit or credit) of an accounting entry where increases to the account are recorded, depending on the type of account.

Financial Statement

Reports that summarize the financial performance, position, and cash flows of a business over a specified period.

Permanent/Temporary

Classification of accounts where permanent accounts are balance sheet items that carry over into the next fiscal year, and temporary accounts are income statement items that are closed at year-end.