Give an account of the different types of property that can be owned
What will be an ideal response?
There are two kinds of property: real property and personal property.
Real property includes land, buildings, mineral rights, and permanent fixtures. Personal property consists of everything that is not real property. Real property can become personal property if it is removed from the land. For example, a tree that is part of a forest is real property; a tree that is cut down is personal property. Personal property that is permanently affixed to land or buildings is called a fixture. Such property, which includes things like heating systems and storm windows, is categorized as real property. Unless otherwise agreed, fixtures remain with a building when it is sold.
Personal property (e.g., furniture, pictures, and other easily portable household items) may be removed by the seller prior to sale. Personal property can be either tangible or intangible. Tangible property includes physically defined property, such as goods, animals, and minerals. Intangible property represents rights that cannot be reduced to physical form, such as stock certificates, certificates of deposit, bonds, and copyrights.
You might also like to view...
When preparing a résumé, you should not
A) use bulleted lists for items such as job responsibilities. B) use three or four typefaces for variety. C) use lots of white space for readability. D) emphasize and subordinate points as needed.
_________ controls focus on preventing security beaches from occurring by inhibiting attempts to violate security policies or exploit a vulnerability
What will be an ideal response?
How does economy of scale result in an increase in effective capacity?
A) Because more time will be spent processing instead of setting up B) Because setup time will be increased C) Because quantity discounts will be less D) Because average inventory levels are decreased E) Because fewer managers are needed
Describe the factors involved in communicating useful financial information.
What will be an ideal response?