In the Nobes Classification of Accounting Systems, Micro-Based Accounting Systems

question 16

Multiple Choice

In the Nobes classification of accounting systems, micro-based accounting systems are oriented toward:

• A) government economics.
• B) business practices.
• C) tax laws.
• D) code law.

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Definitions:

Bailment for Mutual Benefit

A legal relationship where personal property is transferred from one party to another, with both parties receiving a benefit.

Gratuitous Bailment

A bailment relationship where the bailee agrees to hold onto the bailor's property without receiving any compensation.

Treasure Trove

A category of found property consisting of money, coins, or precious items concealed by an unknown owner with the intent for rediscovery.

Mislaid

Property that is intentionally placed somewhere and then forgotten by the owner.