The topic of insurance has been eliminated from the content outline for the CPA exam as of October 2009. However, the exam lags behind the content change, so this topic may continue to appear on the exam for six to 18 months. 1. Which of the following requirements must be met to create a bailment?

I. Delivery of personal property to the intended bailee II. Possession by the intended bailee III. An absolute duty on the intended bailee to return or dispose of the property according to the bailor’s directions

a. I and II only

b. I and III only

c. II and III only

d. I, II, and III Appendix