The Party Who Initially Places Property into a Trust Is

question 85

Multiple Choice

The party who initially places property into a trust is known as the:

• A) testator
• B) trustee
• C) corpus
• D) settlor
• E) administrator

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Definitions:

Journal Entries

Records of financial transactions in the accounting system, detailing debits and credits to various accounts.

Allowance for Doubtful Accounts

A contra-asset account used to estimate the portion of a company's receivables that may not be collectible.

Accounts Receivable

Outstanding payments from customers to a company for delivered goods or rendered services.

Carrying Amount

The book value of assets and liabilities reported in the financial statements, considering depreciation or amortization.