Skip to main contentSkip to solution

Identify the term that is used to show the amount received as per the will of a deceased person.

Solution

✅ Correct Option: 4

Legacies are amounts received by a not-for-profit organisation as per the will of a deceased person. They are generally treated as a capital receipt and shown on the liabilities side of the Balance Sheet, unless of a small recurring nature.

Keyboard Shortcuts

  • Left arrow: Previous question
  • Right arrow: Next question
  • S key: Jump to solution
  • Q key: Jump to question