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.
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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.
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- 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.In the initial accounting for an estate, why does the executor record only the assets?What tasks does the executor of an estate perform?
- Describe the financial statements and journal entries utilized to account for estate and trust transactions.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.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.
- When recording the inventory of an estate, the assets of the estate are recorded net of the decedent’s debts. True or FalseIn an estate, which of the following is charged to income rather than to principal? Choose the correct.a. Funeral expenses.b. Investment costs.c. Property taxes.d. Losses on the sale of investments.In an estate, which of the following is charged to income rather than to principal? Funeral expenses. Investment costs. Property taxes. Losses on the sale of investments.
- Answer each of the following questions: What are the objectives of probate laws? What tasks does the executor of an estate perform? What assets are normally included as estate properties? What claims have priority to the distributions made by an estate?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 includedStatement I: An estate represents the assets of a deceased person after all liabilities and taxes are deducted. Statement II: Real estate planning is the process of developing a plan to administer and distribute assets in a manner consistent with the desires and needs of a deceased person's beneficiaries. Statement II is true. Statement I is true. Statements I and II are false. Statements I and II are true.