A Deed Is

question 22

Multiple Choice

A deed is:

• A) the primary way to transfer ownership interests (title) in property
• B) the means by which the owner of property has legal possession of the property
• C) the means by which an owner of property sues when someone violates his property rights
• D) the cheapest way to file taxes on piece of property
• E) none of the other choices are correct

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update the accounts for accruals and deferrals that have not been recorded during the period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus resetting the temporary accounts for the next period.

Retained Earnings

The accumulated net income of a company that is retained and reinvested in the business rather than paid out as dividends.

Service Revenue

Income earned by a company for providing services rather than selling physical goods.