Fixed Assets That Are Depreciated Are Sometimes Called

question 121

Multiple Choice

Fixed assets that are depreciated are sometimes called:

• A)Accounts Payable.
• B)current assets.
• C)long-term assets.
• D)long-term liabilities.

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Definitions:

Probate Court

A specialized court that deals with matters pertaining to wills, estates, conservatorships, and guardianships.

Decedent's Estate

All the assets and liabilities left behind by a person who has passed away.

Administrator

An individual appointed by a court to manage and settle the estate of a deceased person who has left no will.

Died Without A Will

A situation in which a person passes away without leaving a legal document specifying how their assets should be distributed.