Which of the Following Best Describes the Doctrine of Ademption

question 40

Multiple Choice

Which of the following best describes the doctrine of ademption?

• A) When there are not enough assets to satisfy all the gifts in the will,the residual gifts will be the last to be paid.
• B) When assets are distributed to lineal descendants,equal shares are given to all descendants regardless of which generation they are in.
• C) If a decedent dies without owning the property that was the subject of a specific gift in the will,the beneficiary will receive nothing for it.
• D) When there are not enough assets in the estate to satisfy all general gifts,they are all satisfied on a pro-rata basis.

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Definitions:

Book Of Final Entry

Book that receives information about business transactions from a book of original entry (a journal). Example: a ledger.

Trial Balance

An accounting report that lists the balances of all ledgers accounts to ensure that total debits equal total credits.

Accounts Payable

Short-term liabilities of a business that represent amounts owed to creditors for goods and services purchased on credit.

Fees Earned

Income received or earned for services provided.