If a Person Dies Intestate,his Property Will Be

question 39

Multiple Choice

If a person dies intestate,his property will be:

• A) distributed according to the clear intention of the decedent if ascertainable.
• B) passed to his living children.
• C) kept by the state.
• D) Not necessarily any of these.

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Definitions:

Total Assets

The sum of all assets owned by a company, including both current and non-current assets, reflected on a company's balance sheet.

Revenues

The total income generated by a company from its normal business activities, typically from the sale of goods and services to customers.

Liabilities

Financial obligations or debts that a company owes to others, which must be paid or settled in the future.

Ending Equity

The value of an owner's interest in a company at the end of an accounting period, calculated as total assets minus total liabilities.