When a Minor Contracts for Necessaries,he or She Is Liable

question 19

Multiple Choice

When a minor contracts for necessaries,he or she is liable for the ________ of the necessaries actually received.

• A)reasonable value
• B)actual value
• C)estimated value
• D)depreciated value

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Definitions:

Practical Standards

Realistic expectations for performance or output that take into account potential variances and are used for benchmarking and measuring actual performance.

Standard Costing

Standard costing involves assigning a fixed cost to production and inventory for the purpose of budgeting and performance evaluation, allowing companies to identify variances and control costs.

Machine Breakdown

The failure of a machine to function, causing a halt in production or operations.

Material Quantity Variance

The difference between the actual quantity of materials used in production and the standard quantity expected, multiplied by the standard cost per unit.