Examlex
Joan made taxable gifts of cash in 2010 and 2011.If Joan dies in 2012,for § 2032A purposes both gifts are considered in meeting the special use valuation tests.
Liability
Financial obligations or debts that a company owes, which are settled over time through the transfer of economic benefits including money, goods, or services.
Trial Balance
A report that lists all the balances of the general ledger accounts to check the correctness of bookkeeping entries.
Entry Posted
The action of recording an accounting entry in the ledger, which finalizes the transaction and makes it part of the financial records.
Debit
A bookkeeping record that causes assets to go up or liabilities to go down on a firm's balance sheet.
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