INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 77

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-Your [gross | probate] estate consists of your real and personal property that will be transferred at death.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Journalize

The process of recording transactions in the journal, a step in the accounting cycle that precedes posting to ledgers.

Transaction Recording

The process of documenting financial transactions in appropriate accounting records, ensuring accurate financial reporting.

Office Equipment

Assets such as computers, desks, and chairs used in an office setting, which are subject to depreciation over time.