Receivables of a Company CANNOT Be Long-Term Assets

question 159

True/False

Receivables of a company CANNOT be long-term assets.

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Definitions:

Intestacy Statutes

Laws that determine how a person's property will be distributed if they die without a will.

Bequest

A gift of personal property by will (from the verb to bequeath).

Residuary

Relating to the remainder of an estate after debts, specific bequests, and expenses have been accounted for.

Intestacy Laws

Legal provisions that dictate the distribution of a deceased person's estate in the absence of a will.