According to the Terms of Kim's Will, Specific Gifts Are

question 51

Multiple Choice

According to the terms of Kim's will, specific gifts are made, and taxes and other estate debts are paid. The assets of the estate that remain are most likely to be distributed through

• A) a codicil.
• B) a type of trust.
• C) a revocation.
• D) a residuary clause.

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Definitions:

Catering Department

A division within a company or organization responsible for providing food services for events, meetings, or facilities.

Restaurant

A business establishment that prepares and serves meals, snacks, and beverages to customers.

Departmental Gross Profit

The difference between sales and the cost of goods sold for a specific department, highlighting its profitability.

Revenue

An amount earned by performing services for customers or selling goods to customers; it can be in the form of cash or accounts receivable. A subdivision of owner’s equity: As revenue increases, owner’s equity increases.