Even If Your Assets Such as Life Insurance, Annuities, or RRSPs

question 22

True/False

Even if your assets such as life insurance, annuities, or RRSPs already have a named beneficiary, they will not be transferred independently of your will.

---

Definitions:

Expense Account

An income statement account that represents the cost of goods sold or services provided to generate revenue.

Credit Balance

A credit balance occurs when the total credits in an account exceed the debits, often seen in liability, revenue, and equity accounts.

Capital Account

An account on a company's balance sheet that represents the owners' stake or equity in the company.

Debit Balance

A financial situation where the total sum of debits in an account exceeds the total sum of credits, indicating assets or expenses.