An Involuntary Bailee

question 39

Multiple Choice

An involuntary bailee:

• A) cannot divest himself of the property in any circumstances.
• B) cannot assume control of the property in any circumstances.
• C) has no duty to return the return the property to the owner.
• D) does not have the right to destroy the property or to use it.

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Definitions:

Cash Account

A financial account where cash transactions are recorded, showing the cash inflows and outflows for a person or business.

Bank Reconciliation

The method of aligning the balance in a company's financial records for a cash account with the relevant details on a bank statement.

Deposits in Transit

Funds that have been received and recorded by a business but not yet processed or acknowledged by the bank.