Lani Is Asked to Serve as a Witness to Mona's

question 2

Multiple Choice

Lani is asked to serve as a witness to Mona's will. To qualify,Lani must be

• A)a collateral heir.
• B)a lineal descendant.
• C)eighteen years of age or older.
• D)mentally competent.

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Definitions:

Accounts Receivable

Money owed to a business by its clients or customers for goods or services that have been delivered but not yet paid for.

Assigning

The process of allocating or designating resources, tasks, responsibilities, or rights to specific entities or persons within the context of business or legal proceedings.

Pledging

Pledging involves using assets as collateral to secure a loan or obligation, ensuring the lender or party has a claim to the asset if the borrower defaults.

Allowance for Doubtful Accounts

A contra-asset account that reduces the total accounts receivable on the balance sheet to reflect the amount that is expected to go uncollected.