A Minor May Not Ratify a Contract,as Any Attempt to Do

question 31

True/False

A minor may not ratify a contract,as any attempt to do so can be disaffirmed by the minor.

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Definitions:

Standard Cost System

An accounting system that uses cost estimates for materials, labor, and overhead to control costs and assess operational efficiency.

Fixed Manufacturing Overhead

Payments that remain unchanged no matter the volume of production or sales, including rents, staff remuneration, and insurance agreements.

Work in Process Inventories

Goods that are in the production process but have not yet been completed.

Fixed Overhead Budget Variance

The difference between the actual fixed overhead costs incurred and the budgeted or expected fixed overhead costs.