Which of the Following Best Describes a Probate

question 10

Multiple Choice

Which of the following best describes a probate?

• A)It is a witness based procedure used to terminate a will.
• B)It is the legal transfer of real estate to a legatee.
• C)It is a court procedure that determines the validity of a will and distribution of estate .
• D)It is a procedure used by a legatee to speed up the execution of a will.

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Definitions:

Normal Balance

the side (debit or credit) on which increases to an account are recorded, based on the type of account (asset, liability, equity, revenue, or expense).

Contra-Asset

An account that offsets or reduces the balance of a related asset account, such as accumulated depreciation.

Allowance for Doubtful Accounts

An estimation recorded on financial statements reflecting the amounts expected to be uncollected from accounts receivable.