Which of the Following Is a Way in Which a Gift

question 84

Multiple Choice

Which of the following is a way in which a gift differs from a purchase as a way of transferring ownership?

• A)Once delivered,a gift may be taken back by the person who gave the gift,whereas that is not true when an item is purchased.
• B)No consideration is needed for a gift.
• C)No written contract is needed for a gift,whereas it is needed for a purchase.
• D)No certificate of title is needed for a gift,whereas it is needed for a purchase.
• E)A mere possessory right accompanies a gift,whereas an ownership right accompanies acquisition of property by purchase.

---

Definitions:

Cost Flow

The process of tracking the progression of costs as they move through a company's production process and into the financial statements.

Manufacturer

An entity or individual that makes goods from raw materials through the use of manual labor or machines, often within an industrial context.

Service Provider

A company or individual that offers services to others in exchange for payment, usually specialized in a particular domain or industry.

Job Order Cost

The accumulation and assignment of costs to a specific job, including labor, materials, and overhead.