David Delivered a Deed to His Farm to an Independent

question 6

Multiple Choice

David delivered a deed to his farm to an independent third party, Ann, with instructions that the deed be delivered to Sissy at his death.At David's death, his only heirs, sons Larry and Harry, claim ownership of the farm.The owner of the farm is:

• A)David's estate.
• B)Sissy.
• C)Ann.
• D)Larry and Harry.
• E)None of the above.

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Definitions:

Cash Equivalents

Short-term, highly liquid investments that are easily convertible to a known amount of cash and are subject to insignificant risk of changes in value.

Cheques Outstanding

Cheques that have been written and recorded in the payer's accounting system but have not yet been cashed or cleared by the receiving bank.

Prepaid Expenses

Payments made for goods or services to be received in the future, treated as assets on a balance sheet until used.

Operating Expenses

All expenses incurred from a company's operational activities, excluding cost of goods sold, interest, and taxes.