For Each of the Following Items, Indicate Whether It Would

question 192

Multiple Choice

For each of the following items, indicate whether it would appear on a statement of cash flows prepared using the Direct method (a) or the Indirect method (b) .
-Gain on early retirement of bonds

• A)Direct
• B)Indirect

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Definitions:

Bequest

The act of giving property or money to someone else after one's death through a will.

Devise

In law, a gift of real property by will.

Intestacy Statutes

Laws that determine how a person's property is distributed if they die without a valid will.

Uniform Probate Code

A statute that clarifies laws that govern transfers accomplished through wills and trusts.