Which Is a Responsibility of the Personal Representative

question 5

Multiple Choice

Which is a responsibility of the personal representative?

• A)Administering oaths in court
• B)Preparing a preliminary draft of the will
• C)Publishing a notice to creditors to submit their claims by a specific date
• D)Keeping records and acting on behalf of the court

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Definitions:

Subsidiary Company

A company that is completely or partially owned and controlled by another company, known as the parent company.

Parent Company

A corporation that owns enough voting stock in another firm to control management and operations.

Held-to-Maturity Securities

Investment securities that a company has the intent and ability to hold until a specified maturity date.

Interest Revenue

Income earned from lending investments or depositing funds in interest-bearing accounts, often reported on the income statement.