Why would a consumer utilize trust services offered by commercial banks?
What will be an ideal response?
Answer: Many commercial banks offer trust services, which manage the funds left in the bank's trust. In return for a fee, the trust department will perform such tasks as making your monthly bill payments and managing your investment portfolio. Trust departments also manage the estates of deceased persons. Trust services are beneficial for those who are unwilling or unable to manage finances and investment portfolios.
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The cost of intangible assets should be:
a. amortized over the assets' estimated useful life, or its legal life, whichever is shorter. b. amortized over a period not exceeding 5 years. c. amortized over the assets' estimated useful life. d. charged to an expense account at acquisition.
Which of the following is not a true statement about the settlement statement:
a. it is to account for all money involved in the transaction b. the seller's loan payoff will be a debit to the seller, a credit to the buyer c. buyer total closing cost will appear on the back and front of the statement d. it will note if monies were paid up front