A Reversion and a Remainder Are Similar in That

question 26

Multiple Choice

A reversion and a remainder are similar in that:

• A)Both can be sold or mortgaged
• B)Both cause the property to go back to the grantor after the sale
• C)Neither is an actual interest in the property
• D)Neither is considered a future estate

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the payer's accounting records but have not yet been cashed or deposited by the payee.

Petty Cash

A modest sum of money maintained in reserve for small, unplanned costs.

Journal Entry

A record in the accounting journal that represents a transaction and shows the debits and credits to various accounts.

Petty Cash Account

A small fund kept on hand for minor, incidental expenses.