Even a Parent Without Significant Net Worth Needs a Will

question 81

True/False

Even a parent without significant net worth needs a will to appoint a guardian for children.

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Definitions:

Net Income

The total earnings of a company after subtracting all expenses from revenues, also known as net earnings or net profit.

Financial Statements

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Retrospective Adjustments

Adjustments made to the financial statements of previous periods to correct errors or to reflect a more accurate representation of the financial position.

Accounting Principle

Fundamental guidelines or rules that govern the accounting process, ensuring that financial statements are fair, consistent, and comprehensive.