Under the Laws of Some States,the Birth of a Child

question 57

True/False

Under the laws of some states,the birth of a child after the execution of a will may operate as a partial revocation of the will.

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Definitions:

Drawings

It refers to the amount of money or the value of goods taken from the business by the owner for personal use.

Withdrawal Of Cash

The act of taking out cash from a business by the owners for personal use.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities, representing what the owner has invested or kept in the business.

Proprietorship

A business structure owned by a single individual, where the owner and the business are legally treated as the same entity.