Choose the Word or Phrase in [ ] Which Will

question 164

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-If a gift tax has to be paid,the [giver | recipient] of the gift will pay it.

---

Definitions:

Cash

Cash refers to money in the form of bills or coins that is readily available for transactions or for meeting immediate obligations.

Allowance for Doubtful Accounts

A contra asset account used to estimate the amount of receivables that may not be collected.

Accounts Receivable

The money owed to a company by its customers for goods or services delivered on credit.

Cash Realizable Value

The amount of money that could be received from selling or disposing of an asset after accounting for all associated costs.