Which of the Following Would Be Subtracted from the Balance

question 7

Multiple Choice

Which of the following would be subtracted from the balance per books on a bank reconciliation?

• A) outstanding checks
• B) deposits in transit
• C) notes collected by the bank
• D) error in recording a check for $732 as $723

Understand the importance and principles of using plain English in legal writing.

Identify and apply basic principles of legal writing across various types of documents.

Recognize and minimize the use of legalese to enhance clarity for laypeople.

Appreciate the role of drafting and editing in producing clear and effective legal documents.

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Definitions:

Gain

An increase in the value of an investment or asset.

Donor's Adjusted Basis

The value used for tax purposes to determine the gain or loss when property is given as a gift, generally the cost basis of the donor at the time of the gift.

Fair Market Value

The price that property would sell for on the open market, between a willing buyer and a willing seller each having reasonable knowledge of all pertinent facts.

Gift

A transfer of property or assets from one individual to another without the expectation of payment or anything in return.