A Legal Document Specifying Distribution of Your Assets Upon Death

question 61

Multiple Choice

A legal document specifying distribution of your assets upon death is a

• A) tax return.
• B) letter of last instruction.
• C) will.
• D) trust.

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Definitions:

Indirect Method

A method for presenting cash flow from operations that begins with net income and makes adjustments for transactions that do not involve cash.

Statement of Cash Flows

A financial report that shows how changes in balance sheet accounts and income affect cash and cash equivalents, analyzing a company’s financing, investing, and operating activities.

Operating Activities

Transactions related to the primary business activities, detailed in the cash flow statement.

Merchandising Company

A business that purchases finished goods for resale, making a profit on the difference between the sale price and the purchase price.