Property That Reverts to Government Ownership Upon the Death of the Owner

question 84

True/False

Property that reverts to government ownership upon the death of the owner because of a lack of identifiable heirs is termed Escheat Property.

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Definitions:

Merchandise Inventory

Goods held by a business for the purpose of sale to customers in the ordinary course of business.

Forward Contract

A non-standardized contract between two parties to buy or sell an asset at a specified future time at a price agreed upon today.

Ordering Merchandise

The process of purchasing goods for sale, typically from suppliers or manufacturers, by a retail or wholesale business.

Spot Rate

The spot rate refers to the current exchange rate at which a currency can be bought or sold for immediate delivery.