Joseph Vu Has Assets Worth $1,200,000

question 145

Multiple Choice

Joseph Vu has assets worth $1,200,000.He has written a legal document that specifies that these assets be divided equally between his wife and his two sons upon his death.What is this legal document?

• A)Estate
• B)Will
• C)Trust
• D)Probate
• E)Liabilities

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Definitions:

FIFO Method

An inventory valuation method that assumes the first items purchased are the first ones sold, standing for "First-In, First-Out."

Beginning Inventory

The value of inventory that a company has at the beginning of an accounting period, before any purchases or production.

Cost Of Production Report

A document that outlines the total cost and production information for a specific period within a manufacturing department.

Production Costs

Expenses incurred in the process of making or manufacturing a product.