When a Residuary Gift Is Given to All of the Testator's

question 31

Multiple Choice

When a residuary gift is given to all of the testator's descendants such that each is to receive an equal share regardless of what generation they are in,what type of distribution is this?

• A) per stirpes
• B) contingent
• C) per capita
• D) intestate
• E) per abatement

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Definitions:

Progress Billing

A billing method where payments are requested from customers based on the completion percentage of a project or contract.

Long-term Projects

Projects with a duration that extends beyond one year, typically involving large-scale and complex activities.

Direct Write-off Method

An accounting method where uncollectable debts are charged directly to expense as they are identified.

GAAP

Generally Accepted Accounting Principles; a set of accounting standards and procedures used in the U.S. to govern financial reporting.