Starting with Profit and Adjusting It for Items That Affected

question 70

Multiple Choice

Starting with profit and adjusting it for items that affected reported profit but not cash is called the

• A)direct method.
• B)indirect method.
• C)working capital method.
• D)cost-benefit method.

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Definitions:

Testator

A person who makes a will.

Heirs

Individuals legally entitled to inherit a deceased person's property or title.

Escheats

This refers to the state's right to take ownership of property if the owner dies without a will and without heirs.

Five Wishes Document

A legal document that lets people specify their personal, emotional, and spiritual needs in addition to medical wishes in case they become unable to communicate.