If You Die Without a Valid Will

question 71

Multiple Choice

If you die without a valid will:

• A)the IRS confiscates your property.
• B)a federal court decides how your property will be distributed.
• C)your closest relative will receive all your property according to federal law.
• D)your letter of instruction becomes your will.
• E)your state's law of descent and distribution becomes your will.

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Definitions:

Equity Method

An accounting technique used to record investments in other companies, where the investment is initially recorded at cost and subsequently adjusted for the investor's share of the investee's profit or loss.

Consolidated Worksheet

A tool used in the preparation of consolidated financial statements, enabling the combining of financial information from parent and subsidiary entities.

Adjustments

Modifications made to the accounting records or financial statements to correct errors or to account for transactions not reflected in the initial entries.