Nancy Asks Octavio If She Can Store Her Car in His

question 11

Multiple Choice

Nancy asks Octavio if she can store her car in his garage while she serves in the U.S. Peace Corps. Octavio agrees. This is

• A)a bailment.
• B)accession.
• C)a gift.
• D)abandoned property.

---

Definitions:

Supplies Expense

The cost incurred from using or consuming supplies within a business operation.

Accounting Period

A specific time period at the end of which an organization prepares financial statements, commonly a year, quarter, or month.

Adjust

To make modifications to records, accounts, or systems to correct discrepancies or align them with actual conditions.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded on an asset since its purchase.