Which of the Following Is True of Necessaries in a Minor's

question 6

Multiple Choice

Which of the following is true of necessaries in a minor's contract?

• A) Minors are not liable for the value of necessaries they have purchased under a contract but have not received at the time they disaffirm.
• B) Minors are not generally held liable on a quasi contract basis for the reasonable value of necessaries furnished to them.
• C) A minor's personal circumstances cannot render an item necessary.
• D) Items sold to a minor are considered necessaries if the minor's parent or guardian has supplied or is willing to supply similar items.

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Definitions:

Worksheet

A paper or electronic document used by accountants to compile and analyze financial data ahead of the preparation of financial statements.

Permanent Accounting Record

A permanent accounting record is a documented history of a company's financial transactions that are kept for long-term reference and compliance purposes.

General Ledger

A comprehensive record of all financial transactions that occur within a company, serving as the primary source for preparing financial statements.

Journal

A detailed record where all financial transactions of a business are initially recorded before being transferred to accounts in the general ledger.