Which of the Following Is a Misconception of a Common

question 33

Multiple Choice

Which of the following is a misconception of a common law marriage?

• A)that the parties have to voluntarily intend to be husband and wife in order to establish a common law marriage
• B)that only parties who have a marriage license can establish a common law marriage
• C)that living together is necessary to establish a common law marriage
• D)that cohabitation is sufficient in and of itself to establish a common law marriage

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Definitions:

Salvage Value

Salvage value refers to the predicted value an asset will have when it is sold after reaching the end of its usability.

Depreciation Expense

An accounting method that allocates the cost of a tangible asset over its useful life, reflecting the decrease in value over time.

Machinery Retirement

Machinery retirement refers to the process of removing fixed assets, specifically machinery, from operational use due to obsolescence, age, or inefficiency.

Double-declining-balance Method

An accelerated depreciation method that doubles the normal depreciation rate, allowing for more depreciation expense in the earlier years of an asset's life.