If a Child Reaches the Age of Majority or Is

question 52

Short Answer

If a child reaches the age of majority or is _____, a parent is no longer legally liable for the life necessities of the child.

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Definitions:

Cost of Goods Sold

Cost of Goods Sold (COGS) represents the direct costs attributable to the production of the goods sold in a company.

Finished Goods Inventory

The inventory of goods that are completed and ready for sale.

Goods Available

The total inventory that a company has ready for sale at the beginning of an accounting period, including both produced and acquired goods.

Raw Materials

Basic materials used in the production process to create goods and services.