The Execution of a Will

question 32

Multiple Choice

The execution of a will:

• A) must strictly meet all the formalities required by state law, or it is void.
• B) does not have to be in writing to be used to pass on property in normal circumstances.
• C) must be published to be legal if the will is made orally.
• D) requires that the will be witnessed by two or three interested witnesses.

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Definitions:

Ending Inventory

The total value of all goods available for sale at the end of an accounting period.

Purchases

The total amount spent on goods and services bought by a business for either resale or use in its operation.

Cost-to-retail Ratio

The cost-to-retail ratio is a method used in inventory accounting to estimate the value of ending inventory using the ratio of cost to retail price.

Rising Prices

A situation in an economy where the general level of prices for goods and services increases over time.