Ivan Owned a House in Florida

question 22

Multiple Choice

Ivan owned a house in Florida. He died without making a valid will, and therefore, the property passed to his son, Mario. The method by which Mario acquired the property is called acquisition by _____.

• A) will
• B) inheritance
• C) gift
• D) adverse possession

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Definitions:

Cash Collections

The process of receiving payment from customers for goods or services provided, impacting the company’s cash flow.

Merchandise Inventory

The total value of a company's goods that are ready for sale to customers at any given time, reflecting in its balance sheet.

Building Contractors

Businesses or individuals specialized in the construction and renovation of buildings, overseeing project execution from planning through completion.

Monthly Depreciation

The portion of the cost of a fixed asset expensed each month over its useful life.