Estate Administration May NOT Be Needed If

question 31

Multiple Choice

Estate administration may NOT be needed if:

• A)There is property in registered form
• B)The decedent has individually owned property in the possession of a third party
• C)There are outstanding creditors' claims
• D)An estate is classified as a small estate

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Definitions:

Technological Advances

Refers to the progress in technology which enhances productivity, efficiency, and innovation in various fields.

Government Regulation

Legal provisions enforced by governmental bodies to control and guide the behavior of businesses and individuals.

General Journal

The most basic form of journal.

Subsidiary Ledger

A Subsidiary Ledger is a set of accounts that provides detailed information to support a general ledger account, such as detailed customer or vendor transactions supporting the accounts receivable or payable balances.