Which of the Following Statements Is TRUE

question 49

Multiple Choice

Which of the following statements is TRUE?

• A)Chattels are a type of real property.
• B)Real property can be touched, while personal property consists of things, like debts, that cannot be touched.
• C)"Chose in possession" is another name for personal property, just as "chose in action" is another name for real property.
• D)All forms of property are tangible.
• E)Real property is immoveable.

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Definitions:

Inventories

Commodities ready for disposition in the routine conduct of a company, those in the pipeline for selling, or as consumables or provisions in the course of production or during service provision.

Statement of Financial Position

A financial statement that displays an entity's assets, liabilities, and equity at a specific point in time, providing insight into its financial health.

Investment Property

Real estate property that has been purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both.

Current Tax Liability

The amount of taxes a company is obligated to pay to governmental entities within the current year, based on its earnings.