As the Beneficiary of a Business Trust,Kevin's Liability for Trust

question 39

Multiple Choice

As the beneficiary of a business trust,Kevin's liability for trust debts and obligations is

• A)limited to his capital investment in the trust.
• B)limited to his personal assets.
• C)nothing.
• D)unlimited.

---

Definitions:

Account Balance

The amount of money present in a financial account at any given time.

Posting Errors

Mistakes that occur when financial data is incorrectly recorded or entered into the accounting system.

Common Stock

A type of security that represents ownership in a corporation, with the right to vote on corporate matters and receive dividends.

T Account

A visual representation used in accounting to depict the debit and credit sides of an account for easier analysis.