A Personal, Revocable Privilege to Perform an Act or Series

question 43

Multiple Choice

A personal, revocable privilege to perform an act or series of acts upon the land of another is called a(n) : ______.

• A) easement.
• B) tenement.
• C) license.
• D) lien.

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Definitions:

Accumulated Depreciation

The total amount of a company's assets' depreciation since the assets were acquired, reflecting how much of the assets' value has been used up over time.

Drawing Account

An account used to record withdrawals of cash or other assets from a business by the owner for personal use.

Final Entries

Journal entries made at the end of an accounting period to prepare accounts for the next period or close the books.

Journalizing

The process of recording a transaction in the journal.