Maryanne Strothman Wants to Leave Some Words of Encouragement and Spiritual

question 101

Multiple Choice

Maryanne Strothman wants to leave some words of encouragement and spiritual advice to her children to encourage their faith in the event that something happens to her.What type of document would be best for her to prepare?

• A)Ethical will
• B)Durable power of attorney
• C)Letter of last instruction
• D)Codicil
• E)Formal will

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Definitions:

Cash Account

A financial account that records cash transactions, both receipts and disbursements, within a business.

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is kept by the company to reinvest in its core business or to pay debt.

Liability Account

An accounting record that captures the amounts a company owes to creditors.

Creditors

Creditors are individuals or entities to whom a company owes money for goods or services that have been provided.