Multiple Choice
Which of the following is a primary objective that a smart budget can fulfill for both an individual and an organization?
3
views
1. Introduction to Accounting
Useful Information
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which statement accurately describes an abstract of title?
A
It is a document that transfers ownership of property from one party to another.
B
It is a summary of the legal history of ownership and claims on a piece of real estate.
C
It is a government-issued certificate guaranteeing clear title to a property.
D
It is a financial statement showing the value of a company's intangible assets.
Verified step by step guidance1
Understand the term 'abstract of title' as it relates to real estate. It is a summary document that outlines the legal history of ownership, claims, and other rights associated with a specific piece of property.
Eliminate incorrect options by analyzing their definitions. For example, a document that transfers ownership of property is typically a deed, not an abstract of title.
Recognize that a government-issued certificate guaranteeing clear title to a property is not the same as an abstract of title. This certificate is often referred to as a 'title insurance policy' or 'certificate of title.'
Understand that a financial statement showing the value of a company's intangible assets is unrelated to real estate and does not describe an abstract of title.
Conclude that the correct description of an abstract of title is: 'It is a summary of the legal history of ownership and claims on a piece of real estate.'
3:16mWatch next
Master Fundamental Qualitative Characteristics with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Useful Information practice set
Problem sets built by lead tutorsExpert video explanations