A Bailment Allows an Owner of a Personal Property to Transfer

question 16

Multiple Choice

A bailment allows an owner of a personal property to transfer possession of it to another individual for any one of the following purposes,EXCEPT:

• A) sale.
• B) transportation.
• C) storage.
• D) lease.

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Definitions:

Paid-In Surplus

Additional capital that is contributed by shareholders above the par value of the shares, also known as additional paid-in capital.

Shareholders' Equity

The residual interest in the assets of a corporation after deducting liabilities, representing ownership equity.

Net Income

The total earnings of a company after all expenses and taxes have been deducted from total revenue, representing the company's profit.

Dividends Paid

The sum of money paid by a company to its shareholders out of its profits or reserves.