Items Such as Buildings and Land Are

question 53

Multiple Choice

Items such as buildings and land are:

• A) liabilities.
• B) equity.
• C) assets.
• D) revenues.

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Definitions:

Right of Subrogation

A legal right that allows an insurer to pursue a third party that caused an insurance loss to the insured, aiming to recover the amount of the claim paid to the insured.

Right to Reimbursement

The entitlement of an individual or entity to be repaid or compensated for costs, expenses, or losses incurred on behalf of another.

Foreclosure

The legal process by which a lender takes control of a property when the borrower fails to make mortgage payments.

Lienholder

A person or entity that has a legal right or claim on another's property until a debt or duty owed by the property owner is satisfied.