Testamentary Intent Makes the Provisions of the Testator Effective and Binding

question 23

True/False

Testamentary intent makes the provisions of the testator effective and binding during the testator's life.

---

Definitions:

Quality

The degree to which a product or service meets the requirements and expectations of customers.

Consistency

Use of the same accounting principles and methods from year to year within a company.

Accounting Principles

The rules and guidelines that companies follow in preparing financial statements, ensuring consistency and comparability.

Faithfully Representative

A qualitative characteristic of financial information that requires reported data accurately reflect the economic phenomena they represent, ensuring reliability and trustworthiness.