Match Each Statement with the Correct Term Below

question 3

Multiple Choice

Match each statement with the correct term below.
-accession

• A)Security interest in land created by a written document.
• B)Transfer of all of a tenant's interest in a leasehold.
• C)Identical goods belonging to different people are so commingled (mixed) that the owners cannot identify their own property.
• D)Person who dies without a valid will.
• E)Temporary transfer of possession of personal property by one party (the bailor) to another (the bailee).
• F)A security interest by possession.
• G)Absolute ownership of real property.
• H)Right of the owner of property to any increase in it.
• I)Co-ownership with the right of survivorship; requires the presence of the four unities.
• J)The right to remove natural resources from the land of another.
• K)Revocable permission to use land of another.
• L)Ownership of real property for an indefinite time or for the life of a person.
• M)The principal method of public control over private land use.
• N)A formal document transferring any type of interest in land.
• O)The acquisition of title to land by open, continuous, and adverse occupancy for a statutorily prescribed period.
• P)The power of a government to take (buy) private land for public use.
• Q)Private restriction on property contained in a conveyance.
• R)Fiduciary relationship in which legal title to property is held by one party for the use, enjoyment, and benefit of another.
• S)A written instrument executed with the formalities required by statute whereby a person makes a disposition of his property to take effect after his death.
• T)The court's supervision of the management and distribution of a decedent's estate.
• U)The person named in the will and appointed by the court to administer the will.
• V)An addition to or revision of a will executed with all the formalities of a will.
• W)Limited right to use another's land in a specific manner.
• X)Document of title issued to a shipper by a carrier.
• Y)Creator of a trust.

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Definitions:

Retained Earnings

The portion of a company's profits that is held or retained and saved for future use, investments, or to pay debt, rather than distributed to shareholders as dividends.

Adjusted Trial Balance

A statement listing all accounts and their final balances after adjusting entries are made, used to prepare financial statements.

Closing Entries

Journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent ones.

Retained Earnings Account

An equity account that represents the accumulated portion of net income that a company retains after distributing dividends to shareholders.