Which of the Following Is Not a Classification of Ordinary

question 30

Multiple Choice

Which of the following is not a classification of ordinary bailments?

• A) for the sole benefit of the bailor
• B) for the sole benefit of the bailee
• C) for the sole benefit of the third party beneficiary
• D) for the mutual benefit of the bailor and the bailee

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Definitions:

Capital Gains

The increase in value of an asset or investment above its purchase price, realized upon the sale of the asset.

Treasury Stock

Treasury stock refers to shares that were once in circulation but have been bought back by the issuing company and held in its own treasury.

Contra

A term used in accounting to describe accounts that have an opposite effect on the account they are related to, used to reduce the balance of the original account.

Owners' Equity

The residual interest in the assets of a company after deducting liabilities, representing the value that belongs to the company's owners.