上海对外经贸大学 高级财务会计学笔记-高级财务会计学（英）chapter 23.docVIP

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AdvancedAccounting,12e(Beamsetal.)

Chapter23EstatesandTrusts

23.1MultipleChoiceQuestions

1)Whichofthefollowingphrasesisfrequentlyusedtorefertoestateortrustaccounting?

A)Non-profitaccounting

B)Testamentaryaccounting

C)Fiduciaryaccounting

D)Alloftheabovephrasesareusedtorefertoestateortrustaccounting.

Answer:C

Objective:LO1

Difficulty:Easy

2)Inreferencetoaccountingfortrustsorestates,whichofthefollowingstatementsiscorrect?

A)Estatesaresubjecttotaxation,buttrustsarenot.

B)Estatesaresubjecttoprobatelawsthatvarywidelyacrossthefiftystates.

C)Estatesaresubjecttoincometaxesatthefederallevel,butnotatthestatelevel.

D)Estatesandtrustsaretaxedregardlessofsize.

Answer:B

Objective:LO1

Difficulty:Easy

3)Inreferencetoestates,whichofthefollowingstatementsiscorrect?

A)Anestatecomesintoexistenceatthedeathofanindividual.

B)Ifthedeceasedpersonhadavalidwillatthetimeofdeath,heorsheissaidtohavediedintestate.

C)Theheirreceivingthelargestportionoftheestateistypicallyappointedtheexecutor.

D)Claimsmaybemadeforuptosevenyearsagainstanestate.

Answer:A

Objective:LO1

Difficulty:Easy

4)UndertheUniformProbateCode,thetermpersonalrepresentativereferstowhichofthefollowing?

A)Anexecutor,butnotanadministrator

B)Anadministrator,butnotanexecutor

C)Neitheranexecutornoranadministrator

D)Eitheranexecutororanadministrator

Answer:D

Objective:LO1

Difficulty:Easy

5)Inreferencetotheprobateprocess,whichofthefollowingstatementsiscorrect?

A)Thepersonalrepresentativeofthedeceasedcanfileapetitionwiththeappropriateprobatecourtrequestingthatanexistingwillbeprobated.

B)TheUniformProbateCodevariesfromstatetostate.

C)TheUniformProbateCodeisappliedtoallwillsfoundtobevalid,andt