Which of the Following Statements Is True of the Award

question 4

Multiple Choice

Which of the following statements is true of the award of legal custody after a divorce?

• A) The awarding of legal custody to a custodial parent is permanent.
• B) The custodial parent only has physical custody because legal custody is always shared among divorced parents of the child.
• C) The wishes of the child in determining who receives legal custody is given more consideration for older children.
• D) The court cannot refuse to award custody to either parent under any extenuating circumstances.

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Definitions:

Net Income

The total earnings of a company after subtracting all expenses, including taxes and operating costs, indicating the profitability over a specified time period.

Total Assets

The sum of all assets owned by an entity, including both current and non-current assets.

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.