Utility Power Company Has the Right to Run Its Power

question 31

Multiple Choice

Utility Power Company has the right to run its power lines across Velma's land.This is

• A)a license.
• B)an easement.
• C)a profit.
• D)a tenancy at sufferance.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to allocate income and expenses to the period in which they actually occurred.

Close Account Year-End

The process of updating account balances and summarizing a company's financial activities to prepare for the next accounting period.

Interest Revenue

Income earned from lending funds or through investing in interest-bearing financial instruments.

Gain Sale Building

The profit realized from the sale of a building asset.