Which of the Following Is Not a Section of the Last

question 100

Multiple Choice

Which of the following is not a section of the last will and testament?

• A)Direction of payments
• B)Appointment clause
• C)Simultaneous death clause
• D)Contest and dispose clause
• E)Execution and attestation clause

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Definitions:

Fair Value

A valuation method that approximates the amount for which an asset could be bought or sold in a current transaction between participants at arm's length.

Book Value

The net value of an asset or liability according to its balance sheet account balance, taking into account the cost of the asset and accumulated depreciation.

Unrealized Gain

A profit that exists on paper resulting from an investment that has increased in value but has not yet been sold.

Commercial Substance

The notion that a transaction significantly alters the cash flows that the economic entity would otherwise expect.