Only the Grantor of a Trust Can Change the Terms

question 88

True/False

Only the grantor of a trust can change the terms of an irrevocable trust.

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Definitions:

Accounts Receivable

Money owed to a company by customers for products or services that have been delivered but not yet paid for.

Subsidiary Ledger

A detailed ledger that contains the individual accounts related to a specific main account, such as accounts receivable or accounts payable.

Cash Sales

Transactions where payment is made immediately in cash at the time of sale.

Cash Payments Journal

A ledger book or digital record maintaining details of all cash payments made by a business.