When assets are discovered after the initial accounting for estate principal, the fiduciary will credit:

Question

Quizplus · Accepted Answer

The best choice is to credit the account "Estate Principal: Assets Subsequently Discovered" as these assets were not accounted for in the initial inventory of the estate. This account is separate from the estate income account and investing found or gain on realization of a principal asset would not accurately reflect the nature of these newly discovered assets.

When Assets Are Discovered After the Initial Accounting for Estate