Child Support Payments Are an Example of Which of the Following

question 50

Multiple Choice

Child support payments are an example of which of the following?

• A) Nondischargeable debts
• B) Dischargeable debts
• C) Exempt debts
• D) Excluded debts

---

Definitions:

Disposal

Disposal refers to the act of selling, discarding, or removing an asset from a company's balance sheet, often due to obsolescence, excess, or replacement.

Long-Lived Asset

A long-lived asset is a tangible or intangible asset with a useful life of more than one year, used in the operating activities of a business, such as buildings, machinery, or patents.

Goodwill

An intangible asset that arises when a business is acquired for more than the fair value of its net assets.

Fair Value

An estimate of the market value of an asset or liability, based on current prices in an active market.