Nonrelatives Who Are Accepted as Part of the Family Because

question 59

Multiple Choice

Nonrelatives who are accepted as part of the family because they have strong bonds with biological family members and provide important services and care are known as ________.

• A) consanguineal kin
• B) fictive kin
• C) nurtured kin
• D) affiant kin

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Definitions:

Liquidity

The ability of an asset to be converted into cash quickly without significant loss of value, indicating a company's capacity to meet its short-term obligations.

Receivables Turnover Ratio

A measure of how efficiently a company collects cash from its credit sales, calculated by dividing net credit sales by average accounts receivable.

Statement of Financial Position

A financial report that details an organization's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Carrying Amount

Carrying Amount is the value at which an asset is recognized in the balance sheet after accounting for depreciation, amortization, or impairment losses.