Which of the Following Are Rules to Remember When Writing

question 16

Multiple Choice

Which of the following are rules to remember when writing a will?

• A)In most states,you must be 18 years of age or older.
• B)A will must be written in sound judgment and mental capacity to be valid.
• C)The document must clearly state that it is your will.
• D)The will must name an executor.
• E)All of these are rules to remember.

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Definitions:

Financial Statements Linkage

The connection and relationship between different financial statements (e.g., balance sheet, income statement, cash flow statement) to assess the financial health of a business.

Retained Earnings

The cumulative amount of profit retained by the company and not paid out in the form of dividends to owners.

Net Income

The total earnings or profit of a company after subtracting all expenses, taxes, and costs, also known as net earnings.

Goodwill

The price paid for an asset in excess of its book value. You will see this on the balance sheet when the company has made one or more large acquisitions.