William Dies After Making a Valid Will

question 93

Multiple Choice

William dies after making a valid will. William died

• A) intestate.
• B) testate.
• C) will-able.
• D) estate-able.

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Definitions:

Current Liability

Obligations or debts that a company must pay within a year from the date of the balance sheet.

Balance Sheet

A balance sheet is a financial statement that provides a snapshot of a company's financial position, showing assets, liabilities, and equity at a specific point in time.

Deduction

An amount that is allowed to be subtracted from gross income in order to reduce taxable income, thus lowering the overall tax liability.

Direct Write-Off Method

An accounting method where uncollectible accounts receivable are written off directly against income at the time they are deemed uncollectible.