The First Clause in a Will

question 47

Multiple Choice

The first clause in a will

• A)appoints the executor.
• B)identifies the beneficiaries.
• C)appoints the administrator.
• D)identifies the deceased.

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Definitions:

Worksheet

A multiple-column form that may be used in making adjusting entries and in preparing financial statements.

Statement of Cash Flows

A financial statement that provides aggregate data regarding all cash inflows and outflows a company receives.

Indirect Method

A way of reporting cash flows from operating activities by starting with net income and adjusting for non-cash transactions.

Retained Earnings

The portion of net income that is not distributed to shareholders as dividends but is retained by the company to reinvest in its core business or to pay debt.