Liabilities Represent an "Inside" Interest in a Business

question 54

True/False

Liabilities represent an "inside" interest in a business.

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Definitions:

Bequest

A transfer of personal property through a will.

Legacy

A bequest; a testamentary gift of personal property. Sometimes incorrectly applied to a testamentary gift of real property.

Testamentary Capacity

The legal competence of an individual to make a will, including the understanding of the nature of the document, the assets to be disposed of, and the identity of the beneficiaries.

Sound Mind

A state of mental capacity in which an individual can effectively understand and manage their affairs.