In recording the transactions of an estate, when are liabilities recorded? Choose the correct. a. When incurred. b. At the date of death. c. When the executor takes responsibility for the estate. d. When paid.
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- In recording the transactions of an estate, when are liabilities recorded? When incurred. At the date of death. When the executor takes responsibility for the estate. When paid.In an executor's accounting for an estate, debts and other obligations are recorded Select one: a.as soon as discovered. b.only if they are past due. c.on the date of payment. d.at book value. e.as a reduction of income.What is the purpose of the charge and discharge statement that the executor of an estate issues?
- What are the responsibilities of the executor of an estate?Why are claims against an estate put into an order of priority? To help the executor determine the due date for each claim. To determine which claims are to be paid if funds are insufficient to pay all claims. To assist in determining which specific assets are to be used to satisfy these claims. To list the claims in order of age so that the oldest can be paid first.What is the proper methods of accounting for and administering an estate and the corresponding legal terminology?
- Which of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are includedDescribe the financial statements and journal entries utilized to account for estate and trust transactions.Why are claims against an estate put into an order of priority? Choose the correct.a. To help the executor determine the due date for each claim.b. To determine which claims are to be paid if funds are insufficient to pay all claims.c. To assist in determining which specific assets are to be used to satisfy these claims.d. To list the claims in order of age so that the oldest can be paid first.