Which of the Following Statements Is True of Voluntary Transfers

question 65

Multiple Choice

Which of the following statements is true of voluntary transfers of personal property?

• A) All transfers of ownership require formal registration with a government agency.
• B) A promise to make a gift is enforceable in court.
• C) Once made, a gift is an irrevocable transfer.
• D) For a valid gift to occur, the donor must accept the gift.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the financial reporting process.

Double-Entry Accounting

An accounting method that involves making two entries for every transaction, to maintain the balance of the accounting equation.

Debits and Credits

Fundamental elements of double-entry bookkeeping, where debits represent increases in assets or expenses and credits signify increases in liabilities, equity, or income.

Transaction

An agreement or exchange between two or more parties that is recorded and has a financial impact on the business.