In a Proper Property Transfer by Inter Vivos Gift, the Idea

question 33

Multiple Choice

In a proper property transfer by inter vivos gift, the idea that the gift must be physically or constructively presented by the donor to the donee is best categorized as:

• A) Consideration
• B) Delivery
• C) Donative Intent
• D) Acceptance
• E) Ownership

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Definitions:

Deposit In Transit

Money that has been received and recorded by a company but has not yet been reflected in the bank's records.

NSF Check

A check that cannot be honored because the account on which it is drawn lacks sufficient funds, standing for "non-sufficient funds."

Outstanding Checks

Checks that have been issued and recorded in accounting records but have not yet been cashed or cleared by the bank.

Bank Reconciliation

Aligning the cash account figures in a business's financial records with the relevant details found in a bank statement.