When the State Gains Ownership of Property When There Is

question 63

Multiple Choice

When the state gains ownership of property when there is no owner,such as when a decedent has property but no heirs,it is known as:

• A)escheat.
• B)devisable.
• C)escrow.
• D)easement.
• E)toll.

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Definitions:

Redeems

The act of repaying or buying back something, such as a company repurchasing its own shares or a bond issuer paying back the principal at maturity.

Discount on Bonds Payable

The difference between the face value of bonds and their selling price when issued at less than their face value.

Journal Entry

A record in the accounting books that represents a transaction and its effect on various accounts, typically involving a debit and credit.

Bond Redemption

The process of repaying the principal amount of a bond at or before its maturity date.