The Act or Process of a Minor Voluntarily Leaving Home

question 48

Multiple Choice

The act or process of a minor voluntarily leaving home and living apart from his or her parents is referred to as ________.

• A) restitution
• B) emancipation
• C) restoration
• D) adhesion

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Definitions:

Time Period Assumption

An accounting principle that assumes a business's complex and ongoing activities can be divided into shorter time periods, such as months, quarters, or years.

Prepaid Expense Account

An asset account that represents payments made in advance for goods or services to be received in the future.

Expenses

Outflows of resources or incurring of liabilities (or a combination of both) resulting from a company's activities intended to generate income.

Assets

Economic resources owned or controlled by a business or an individual that are expected to produce value.