About This Chapter
Estate & Trust Accounting - Chapter Summary
This comprehensive accounting chapter explores topics related to estate and trust accounting. Inside, you'll find short and simple lessons that break down topics like trust account taxation, charge and discharge statements, legacies in estate distribution and the different trust account types. Following each lesson is a short quiz to help you reinforce your estate and trust accounting knowledge. You can also submit questions to our instructors if they arise. The chapter is entirely self-paced, and when you're finished, you'll be able to:
- Recognize different types of trust accounts
- Understand the taxation of trust accounts
- Describe the role of an accountant in estate and trust accounting
- Identify estate distribution legacy types
- Apply accounting theory to estates and trusts
- Prepare a charge and discharge statement
1. Trust Accounts: Types & Taxation
This lesson focuses on the description, details, and definitions of the various types of trusts, as well as benefits of each type of trust and the taxation of trust accounts.
2. Preparing a Charge & Discharge Statement
Administering an estate or account brings with it the responsibility to report the flow of cash in and out. This lesson will define the charge and discharge statement, and provide guidance on how these statements are compiled.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the Accounting 304: Advanced Accounting II course