The account should be opened as Joint Account With Tenants In Common.
<h3>Joint Account With Tenants In Common</h3>
in these Joint accounts with tenants in common A Totten Trust is a payable on death bank account. Such an account allows the owner to leave funds to a named beneficiary (or beneficiaries), avoiding probate. The only problem is that it can't be used for brokerage accounts - it is only for bank accounts. To accomplish what the couple wants requires that a joint account be set up as tenants in common, with the percentage ownership split between the husband and wife. Then the husband must have his own will, leaving his share to his natural children; and the wife must have her own will, leaving her share to her natural children.
If an account is opened as a Joint Account with Tenants in Common, there is a specified ownership percentage for each tenant. Upon death of 1 tenant, that person's percentage goes to his or her estate, is passed by will and must go through probate (where someone could contest the transfer).
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Answer:
B. Risk of accounting loss: $230,000; Off-balance sheet risk: $0
Explanation:
Accounting loss occurs due to credit provided and the market risk associated with it, already the company has provided for $20,000 un-collectible debts, now the company can have maximum of $250,000 - $20,000 = $230,000 of loss.
Talking about off-balance sheet loss, it will be zero, as off-balance sheet loss occurs only when there is some statutory or non-statutory obligation attached to any of the assets, which is not stated in accounts. Since no obligation is attached for receiving such amount from accounts receivables.
Thus, correct answer is
B. Risk of accounting loss: $230,000; Off-balance sheet risk: $0
What’s the question? Am I missing something?
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Nursing is a human service. As in nursing we help the patients to get well. Not only for salary, they personly also try to help the patient with a lot care. Some nurses also treat the patient as their own family. Thus, nursing is a human service.
