Which of the following is a stage in fiduciary accounting in Surrogate's Court practice?

• A. Interim report.
• B. Final tally.
• C. Estimation and closing.
• D. Preliminary account and final account.

Answer: (D)

Understanding fiduciary accounting in Surrogate's Court practice hinges on recognizing the two formal accounting stages fiduciaries must prepare. A fiduciary (like an executor, administrator, or guardian) first files a preliminary account detailing all receipts and disbursements and the assets under management up to a chosen date, and it requests allowance for fees and expenses. After that, and once interested parties have had a chance to review, the fiduciary files a final account that covers the entire administration, showing final distributions, reimbursements, commissions, and the closing of the estate. The other options do not align with the standard stages used in this practice. So, the stage described is the combination of the preliminary account and the final account.