All of the following factors are required to show testamentary intent, except: __________
A) The testator knows the exact value of his or her estate.
B) The testator understands the writing to be a will.
C) The testator has a reasonable appreciation of the identity of relatives and friends.
D) The testator has a reasonable appreciation of the extent of the property that may exist at death.
A
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Rodeo, Inc. has a contribution margin ratio of 45%. This month, profit was $40,000 and fixed costs were $50,000. How much was Laredo's sales revenue?
A. $40,500 B. $200,000 C. $111,111 D. $90,000
All of the following are typically recognized as accounting liabilities except:
a. Obligations with Fixed Payment Dates and Amounts b. Obligations under Mutually Unexecuted Contracts c. Obligations Arising from Advances from Customers on Unexecuted Contracts and Agreements d. Obligations with Fixed Payment Amounts but Estimated Payment Dates
Which of the following is true about values?
A. Values are the highest standards of appropriate and proper behavior. B. Values cannot lead to unethical results. C. Corporate scandals prove the fact that individuals have personal values, but institutions lack values. D. Values are underlying beliefs that cause us to act or to decide in a certain way.
To be tax deductible by an accrual-basis taxpayer, an expense must be all of the following except
A) ordinary and necessary. B) paid in cash. C) reasonable in amount. D) an expense of the taxpayer.