A Contract by Which of the Following Is Void

question 44

Multiple Choice

A contract by which of the following is void?

• A) A fourteen-year-old girl.
• B) A thirty-six-year-old man under a court-ordered guardianship for mental incompetency.
• C) A thirty-year-old woman who,because of intoxication,is unable to understand the nature and consequences of signing the contract.
• D) A twenty-five-year-old woman who is unable to understand the nature and effect of signing a contract because of a mental illness.

Calculate the changes in total assets given changes in liabilities and shareholders' equity.

Understand the composition of shareholders' equity.

Know what information is and is not included in the statement of changes in equity.

Distinguish between different types of financial statements and their specific purposes.