When Is the Earliest a Bequest Can Be Recorded

question 10

Multiple Choice

When is the earliest a bequest can be recorded?

• A) When the person making the bequests dies.
• B) When the person making the bequest includes the amount of the donation in his or her will.
• C) When the beneficiaries of the estate decide to pay out the bequest.
• D) When the will has been probated and the time for appeal has passed.

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Definitions:

Company's Accounts

Records that contain the financial transactions, assets, liabilities, and equity of a company.

Deposits in Transit

Cash and checks that have been received and recorded by a business but not yet reflected in the bank's records.

Bank Statement

A summary of all checking account transactions mailed to the depositor or made available online by the bank each month.

Credit Memo

A document issued by a seller to a buyer, reducing the amount that the buyer owes to the seller under the terms of an earlier invoice.