Which of the Following Statements Is True About the Possession

question 38

Multiple Choice

Which of the following statements is true about the possession of wild animals?

• A) The person who takes possession of a wild animal acquires its ownership rights, if the person acts in accordance with his or her hunting license.
• B) Individuals are never given personal ownership rights for wild animals.
• C) Wild animals caught in traps inside a private property are usually considered to be the property of the first person who finds the animal.
• D) The ownership of the property on which a wild animal is taken is not a factor in the ownership of a captured wild animal.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net profit or loss.

Ending Inventory

The value of goods that a company has in stock at the end of its fiscal year, calculated as the beginning inventory plus purchases minus the cost of goods sold.

Accounts Payable

A liability to a creditor, carried on an open account, usually for purchases of goods and services.

LIFO Retail Inventory Method

An accounting technique that values inventory on the assumption that the last items placed in inventory are sold first, specifically applied to retail settings.