12-38Which One of These Conditions Involves the Transfer of Residential

question 25

Multiple Choice

12-38.Which one of these conditions involves the transfer of residential properties from one party to another?

• A) voluntary (parents to children)
• B) divorce
• C) death
• D) all of the above

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Definitions:

Journal Entry

A record in the accounting journal that represents a financial transaction and includes details such as date, amounts, accounts impacted.

Debit

A debit is an accounting entry that increases an asset or expense account or decreases a liability or equity account.

Total Retirement

The total amount of savings, investments, and other financial resources a person has accumulated for retirement.

FICA-OASDI

Federal Insurance Contributions Act - Old Age, Survivors, and Disability Insurance, a payroll tax that funds the Social Security and Medicare programs in the United States.