Bram Finds a Tablet on the Counter at Caffe Café

question 22

Multiple Choice

Bram finds a tablet on the counter at Caffe Café. He takes the tablet to a police station. A police officer tells Bram that if the tablet is not claimed by a certain time,Bram can obtain title to it. This is acquiring possession by

• A)an estray statute.
• B)a bailment.
• C)confusion.
• D)production.

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Definitions:

Financial Statement

A record that details the financial activities and condition of a business, person, or other entity.

Accounts

Financial records of an entity that detail transactions and can be used to prepare financial statements.

Loss Carry-Forward

A tax provision allowing companies to use their current year's net operating losses to reduce taxable income in future years.

Capital Losses

Financial losses incurred when the selling price of an asset is less than the purchase price.