Classify Each of the Following Independent Statements

question 62

Multiple Choice

Classify each of the following independent statements:.
-Decedent owned a policy on the life of his spouse with himself as the designated beneficiary. The spouse survives.

• A)Some or all of the asset is included in the decedent’s gross estate.
• B)None of the asset is included in the decedent’s gross estate.

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Definitions:

Electronic Funds Transfers

Electronic Funds Transfers involve the digital exchange or transfer of money from one account to another either within the same institution or across different institutions.

Opportunities For Fraud

Circumstances or environments that could allow for the occurrence of fraudulent activities due to lack of controls, oversight, or ethical culture.

Review And Reconciliation

A process of ensuring that two sets of records or balances are in agreement, usually by examining and comparing documents or figures.