Identify four ways a trust can be terminated
A trust ends: (a) on the date indicated by the grantor; (b) if the trust is revocable, when the grantor revokes it, or if the trust is irrevocable and the grantor and all the beneficiaries agree to revoke it or if the grantor is dead; (c) when the purpose of the trust has been fulfilled; or (d) the Rule Against Perpetuities comes into effect. The Rule Against Perpetuities provides that a trust must end within 21 years of the death of some named person who is alive when the trust is created. However, nearly half of the states now permit dynasty or perpetual trusts that last forever.
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Indicate whether the statement is true or false
In a trend analysis, an index number of 139 for 20x5 sales indicates that
A) sales for 20x5 were 139 percent higher than sales for the same company in the base year. B) sales for 20x5 for this company were 139 percent of the sales figure of another company being used in the comparison. C) sales for 20x5 were 139 percent of the sales for the same company in the base year. D) actual sales for 20x5 exceeded budgeted sales for 20x5 by 39 percent.
At the beginning of the year, the Prepaid Insurance account had a $1,200 balance which represented an insurance policy that will expire in two years. On July 1, a 3-year, $1,800 policy on a newly constructed building was purchased. The December 31 year-end, adjusting entry will be:
a. Insurance Expense, debit, $3,000; Prepaid Insurance, credit, $3,000. b. Insurance Expense, debit, $1,200; Prepaid Insurance, credit, $1,200. c. Insurance Expense, debit, $1,000; Prepaid Insurance, credit, $1,000. d. Insurance Expense, debit, $ 900; Prepaid Insurance, credit, $900. e. none of the above.
____ sentences contain one independent clause
A) Simple B) Compound C) Complex D) Compound-complex