A Gift from a Specific Source, with the Will Stipulating

question 11

Multiple Choice

A gift from a specific source, with the will stipulating that if the amount cannot be satisfied from that source, it should be satisfied from the general estate is a __________ legacy.

• A)​specific
• B)​residuary
• C)​general
• D)​demonstrative

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Definitions:

Accurate and Up-To-Date Records

Detailed, correct, and current documentation of information, crucial in healthcare, legal matters, and business to ensure validity and compliance.

Double-Entry Bookkeeping System

A financial recording system where each transaction is recorded in two different accounts as opposite entries, one as a debit and the other as a credit, to keep the balance of the accounting equation intact.

Single-Entry System

An accounting method where each financial transaction is recorded with a single entry to the accounting records, typically suited for small, simple businesses.

Accounting Records

Documentation of financial transactions and the financial status of a business, serving as a foundation for accounting.