Which of the Following Is True Regarding Lost Property

question 8

Multiple Choice

Which of the following is true regarding lost property?

• A) In most states the finder of lost property has title to the lost good against all including the person who lost the property.
• B) In most states the finder of lost property has title to the lost good against all except the person who lost the property.
• C) In most states the finder of lost property has no title to the lost good because the good is to be turned over to the police department for later sale if the true owner cannot be located.
• D) In all states the finder of property has an obligation to put a notice in the local paper looking for the true owner before the finder of the property can claim ownership.
• E) In most states the finder of lost property has title to the lost good against all except the person who lost the property, but that right only arises after the finder of the property can establish that the finder spent at least one-fifth of the fair market value of the property in locating the owner.

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Definitions:

Cost of Goods Sold

Represents the direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor directly used to create the product.

Ending Inventory

The total value of all inventory a company has in stock at the end of its fiscal period.

Beginning Inventory

The financial amount of goods up for sale at the start of an economic period.

Year 1

Often refers to the first year of operations for a business or the first year in a multi-year financial analysis.