The Balance Sheet Reports the Assets and Liabilities of an Organization

question 9

True/False

The balance sheet reports the assets and liabilities of an organization.

---

Definitions:

Probate Process

A legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries, and any debt owed to creditors is paid off.

Probate-Avoiding Devices

Legal strategies or tools used to transfer assets upon death without going through the probate court process.

Will

A legal document, not valid until the testator’s death, expressing the testator’s intent in the distribution of all real and personal property.

Unsecured Loans

Loans granted without requiring collateral from the borrower.