​A Reference in a Will to a Written Memorandum That

question 64

True/False

​A reference in a will to a written memorandum that is not in the will renders the will invalid.

---

Definitions:

Expense Charged

An amount incurred by a business as a result of its operational activities.

Expense Recognition

The accounting principle that dictates expenses should be recorded in the period in which they are incurred, not necessarily when they are paid.

Capital Lease

A lease classified as an asset on a lessee's balance sheet, indicating the lessee has substantial control over the asset.

Operating Lease

A lease agreement for equipment or property that does not transfer ownership to the lessee and is typically for a period shorter than the asset's useful life.