Explain the different types of trusts
What will be an ideal response?
Trusts can be express or implied. In order to create an express trust, the settlor (the person creating the trust) must clearly intend to create a trust. All express trusts have these four elements: (1) a settlor, (2) a trustee, (3) trust property, and (4) at least one beneficiary. The most common types of express trusts areliving trusts and testamentary trusts.Implied trusts are often called involuntary trusts. These trusts arecreated by law. If a person acquires legal title to property as a result of fraud, the court may impose a constructive trust on the individual holding the legaltitle.
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The fraud triangle includes incentive, opportunity and an attitude to rationalize the fraud.
Answer the following statement true (T) or false (F)
List the direct labor variances and briefly describe each.
What will be an ideal response?
In the second stage of the retail life cycle, innovative retailers expand their geographic bases of operations and newer firms enter the field
Indicate whether the statement is true or false
Porter Corporation makes and sells a single product called a Yute. The company is in the process of preparing its Selling and Administrative Expense Budget for the last quarter of the year. The following budget data are available: Variable CostPer Yute SoldMonthly FixedCostSales commissions$5.90 Shipping$5.30 Advertising$8.90$32,000 Executive salaries $178,000 Depreciation on office equipment $7,000 Other$0.60$20,000 ?All of these expenses (except depreciation) are paid in cash in the month they are incurred.?If the total budgeted selling and administrative expense for October is $518,520, then how many Yutes does the company plan to sell in October?
A. 13,300 units B. 14,100 units C. 13,600 units D. 13,800 units