Which of the Following Have Limited Capacity to Contract for the Necessities

question 75

Multiple Choice

Which of the following have limited capacity to contract for the necessities of life?

• A)minors and people who have been declared mentally incompetent by the courts
• B)Aboriginals and the elderly
• C)public authorities and Indian bands
• D)corporations and alcoholics
• E)minors

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Definitions:

Cash Revenues

Income received by a company in the form of cash from its operational activities.

Revenues on Account

Earnings from sales or services that have been completed but not yet paid for by customers.

Unearned Revenues

Money received by a company for goods or services that have not yet been provided, classified as a liability on the balance sheet until the services or goods are delivered.

Fair Market Value

The price at which an asset would sell in the marketplace given willing, informed, and unpressured buyers and sellers.