All Gratuitous Transfers of Property Are Subject to Gift Tax

question 47

True/False

All gratuitous transfers of property are subject to gift tax.

Describe the process and accounting treatment for change funds and their differences from petty cash.

Understand how to establish and adjust a petty cash fund.

Learn how to reconcile the petty cash fund by accounting for cash shortages and overages.

Ability to prepare journal entries for petty cash transactions including fund establishment, replenishment, and adjustment.